Planning with a Beneficiary Controlled Trust
A Beneficiary Controlled Trust allows you to protect assets going to your adult children (or other beneficiaries), while at the same time giving them a measure of control over the assets. Typically, a Beneficiary Controlled Trust will be established by your Will or Trust for assets that you leave to your beneficiaries after your death. Utilizing this type of trust provides protection for your children in the event of divorce, lawsuits, or bankruptcy, and protection from creditors and predators. Your child can be a Co-Trustee of the trust and allowed to make limited distributions to himself or herself, but an Independent Trustee will also be appointed that can make unlimited distributions. You can have your grandchildren also be beneficiaries of the trust, and give your child power to leave the assets among the grandchildren.
Overall, the Beneficiary Controlled Trust combines the best in asset protection while allowing your child to have as much control as possible over the trust assets.
Advanced Estate and Tax Planning: Protect Your Assets and Minimize Tax
Advanced estate planning can be highly effective for people with valuable, taxable estates. Pierro, Connor & Strauss can counsel you beyond the foundations of basic estate planning to provide strategies for minimizing or even eliminating estate taxes. With potential tax policy changes coming with a Biden presidency on the heels of the Secure Act, we will explain how advanced estate and tax planning – including charitable giving – can maximize wealth, minimize tax and protect assets for the benefit of future generations.