Family Trust

How A Family Trust Can Keep Valuable Assets Under Family Control

Family trust arrangements can be ideal for making sure that assets stay under the control of those you would want to have them. Trusts and other asset protection vehicles are routinely used to safeguard assets from potential predators in the civil courts, and from excessive taxation. The wealthy have been using trusts, especially overseas trusts, for many years, but these asset protection vehicles are now coming into the realm of mainstream estate planning. There have been many families who have lost important assets through excessive taxation, who would have been able to keep them with a well structured trust.

Among these are countless farming families who have been unable to pass the farm from one generation to another. The arrangements which were available to the rich and knowledgeable could have prevented this from happening. If you are in a situation where your family may be facing the same fate, it is more than likely that you will still have time to do something about it. Trust entities can be set up relatively quickly in any jurisdiction, and there are some which offer added degrees of protection.

The sooner a trust is set up, the better, because there is always the possibility of a legal challenge in the form of allegation that the trust was set up for the sole purpose of avoiding a certain responsibility. The more distant you can make the setting up, the less likely the allegation is to stick. In any case, there are strict limitation periods in the jurisdictions which are most useful to those seeking to protect assets. It is important to choose the right jurisdiction for the setting up of a trust, so don't make a commitment until you are totally aware of what is available in each state.

Once the trust arrangement is in place, you still have certain tasks you need to make sure you get right. Firstly, you need to feed the trust in a way which is not going to take assets out of the trust at any time, and make them liable to excessive taxation. You can invest the money and use it constructively, but it needs to stay under the trust umbrella. If yours is a complex family arrangement, you will also need to make sure that the mechanism is in place for the control of the assets to pass as desired.

If you have a lot of family members and a complex arrangement, setting up family trust structures may not be easy. You will definitely need the advice of a legal professional in the state where the trust is to be formed. There is no shortage of good lawyers in the jurisdictions which are favorable to asset protection arrangements, so you will have plenty to choose from. If you can get a referral, so much the better, preferably from someone who has set up a family trust.

 

 

 

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