TRUST BENEFITS
With possible estate and income tax changes in the legislative pipeline, many people are asking, “Do I need a trust?” A trust can be a powerful estate planning tool to help accomplish financial goals. Whether a trust will provide aid from a tax perspective will depend on many factors, including how the tax rules do or do not change. However, even with tax laws in flux, there are many other benefits to having a trust.
A trust is a relationship whereby assets are held and managed by a trustee for the benefit of another. The trustee is a fiduciary, meaning the decisions they make must be in the best interests of the person or persons for whom the trust is to benefit. This relationship implies protection, support, accountability, and preservation. Trusts may offer financial security for surviving spouses, minors, or young adults, and those who have difficulty managing money. A trust can provide the single best measure of protection against financial exploitation.
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