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Written by Chelsea Frederick, CTFA
AVP, Trust Officer
People worry about protecting those they love. One of the best things we get to do as Trust Officers is help families let go of that worry. By working with them and their trusted advisors, we can put in place a plan we can carry out long after they are gone. While we know not everyone needs a Trust, we know there are more families that would benefit from some type of Trust than those that have one in place. Each need for a Trust is unique. Our team has experience planning, establishing, and administering Trusts of all types.
So, what can a Trust accomplish?
Some of the main ways we see Trusts benefiting families include:
- Avoiding probate administration, attorney fees and Court costs.
- Directing wealth distribution to heirs seamlessly.
- Protecting beneficiaries from Creditors.
- Ensuring oversight of transition of wealth to beneficiaries that are not equipped to handle significant wealth without guidance and oversight.
- Providing for needs in case of illness or incapacity without the delay and cost of a Conservatorship or limitations of utilizing a Power of Attorney.
- Reducing potential estate tax liability.
- Transitioning a family business or farmland to the next generation.
- Providing tax-efficient gifts to charity.
When you couple a Trust with a professional Trustee, like FCB, you can let go of the worry you may feel about the financial future of your family. Our team is always available to discuss your estate planning questions. Contact us by clicking here.