Webinar Available for On-Demand Viewing
Value of Trusts
Presented by Feldman, Kramer & Monaco, P.C., provider of the Voluntary Legal Service Plan benefit
Presenter: Steve Kramer
Many people think trusts are appropriate only for the very affluent. But personal trusts are a powerful planning tool that can deliver benefits for a wide range of people across the wealth spectrum.
Trusts are growing in popularity precisely because they are so flexible and able to address a variety of objectives, from the simple to the complex.
Some of the ways trusts might benefit you include:
• Protecting and preserving your assets.
• Customizing and controlling how your wealth is distributed.
• Minimizing federal or state taxes.
• Addressing family dynamics; for example, divorce or blended families.
• Helping a parent or other relative manage their financial affairs.
There are two types of trusts:
Revocable trusts allow you to retain as much control as you like over the trust and the assets you place in it. You can serve as trustee of your own revocable trust, change the trust’s terms whenever you like, add or withdraw assets at any time, and name a successor trustee to take over should you no longer wish or be able to serve as trustee, and much more.
Irrevocable trusts allow you to permanently remove assets from your taxable estate and can only be changed under very specific circumstances. They can be used to provide for a spouse and children from a prior relationship, help ensure that your heirs manage and use funds wisely and minimize federal and state wealth transfer taxes.
This on demand recording will discuss how trusts operate and why it’s such a useful estate planning tool. There are many types of trusts to consider, each designed to help achieve a specific goal. This on demand recording can help you determine which type (or types) of trusts may be appropriate for you.
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