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.
Did You Know? You can text directly with a Larson Lawyers staff member using the popup chat icon at the bottom right corner of your screen. During work hours our response time is generally around 5 minutes.
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.
Family Trusts & Estate Planning In The Larson Lawyers Blog
Get What You Paid For With A Condo Status Certificate
In 2023, having a lawyer check your Condo Status Certificate is going to be more important than ever! Professionally investigating your certificate ensures you get what you paid for in your deal. Buying a condo only to find out it did not come with a parking spot...
Non-Resident Speculation Tax: What You Need To Know
Thanks to the Rural Northern Immigration Pilot Program (RNIP), Thunder Bay has more new immigrants moving here than in many years. As a result, the real estate industry here is experiencing a need for growth. Some professionals are not aware of the challenges...
Your Real Estate Lawyer Wants You To Know These 9 Things
This week we continue our series on how real estate transactions work. These are the 9 things your real estate lawyer wants you to know. In our experience, most people have questions about how a real estate transaction works. Hopefully this will answer most of those...