YES. In fact, all real estate should be transferred into your Family Wealth Trust. Otherwise, upon your death, depending on how you hold the title, there will be a death probate in every state in which you hold real property. When your real property is owned by your Family Wealth Trust, there is no … [Read more...] about Can I transfer real estate into a Family Wealth Trust?
Will a Family Wealth Trust avoid income taxes?
NO. The purpose of creating a Family Wealth Trust is to avoid living probate, death probate, and reduce or even eliminate federal estate taxes. It’s not a vehicle for reducing income taxes. In fact, if you’re the trustee of your Family Wealth Trust, you will file your income tax returns exactly as … [Read more...] about Will a Family Wealth Trust avoid income taxes?
If I set up a Family Wealth Trust, can I be my own trustee?
YES. In fact, most people who create a Family Wealth Trust act as their own trustees. If you are married, you and your spouse can act as co-trustees. And you will have absolute and complete control over all of the assets in your trust. In the event of a mentally disabling condition, your hand-picked … [Read more...] about If I set up a Family Wealth Trust, can I be my own trustee?
Why should I have a Family Wealth Trust?
Not only does a Family Wealth Trust provide for the disposition of your property (like a Will), but it also offers the following benefits: Provides for the immediate transfer or trust management and distribution in the future of assets after death; Allows for a smooth transition of management … [Read more...] about Why should I have a Family Wealth Trust?
The possibility of a disabling injury or illness scares me. What would happen if I were mentally disabled and had no estate plan or just a Will?
Unfortunately, you would be subject to “living probate,” also known as a conservatorship or guardianship proceeding. If you become mentally disabled before you die, the probate court will appoint someone to take control of your assets and personal affairs. These “court-appointed agents” must file a … [Read more...] about The possibility of a disabling injury or illness scares me. What would happen if I were mentally disabled and had no estate plan or just a Will?
How does a Family Wealth Trust differ from a Revocable Living Trust?
Most Revocable Living Trusts are primarily concerned with avoiding probate and estate taxes. A Family Wealth Trust offers lifetime benefits, and protects wealth for current and future generations. … [Read more...] about How does a Family Wealth Trust differ from a Revocable Living Trust?
