What Are Family Trusts For?
You worked your whole life to build up assets and save wealth for your family. Do not allow those savings to be lost in a legal action, or to be squandered through taxes and mismanagement. A family trust can minimize taxes, insulate assets from legal action, put professional wealth managers in control of savings, and preserve wealth for the future.
Most people have relatives or friends they wish to benefit after their passing. Some of those beneficiaries cannot manage the money properly themselves. In those situations it may be a great opportunity to create a family trust with Larson Lawyers in Thunder Bay.
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Family Trusts Help Middle Class & White Collar People Manage Assets For The Best Results
When set up correctly, assets are secured for generations to come in a family trust. Heirs will not have to learn to manage the money themselves. They will also be prevented from spending the money in a short period. They will have professional help making decisions with the money.
Having a family trust while you as the Grantor are alive is a great option because it protects you too. In a properly constructed trust, assets will be shielded from legal actions against you. If your ongoing business causes you to personally accrue liabilities, your saved assets will have another layer of protection.
Trusts can protect your assets from being seized by a court to pay your personal liabilities because it takes the control away from you. If you do not control the asset, you cannot hand it over to the court. The terms of the trust can also bind the hands of the professional that is managing the money. The terms of the trust can prevent the professional from giving up the savings to pay court orders.
An irrevocable trust is one which you cannot disassemble of your own accord as the grantor of the assets. You as the grantor are giving away all right to control the assets now and forever in an irrevocable trust. The Grantor can still choose to retain the benefit of owning the property, by making themselves one of the beneficiaries.
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