Do you want your wealth passed on to the next generation? A Family Security Trust preserves and enhances family wealth.
Referred to as one of the 'secret weapons' of the wealthy, a Family Security Trust is a means of preserving and enhancing family wealth as it accumulates over the years. The most powerful are Irrevocable Trusts in which the grantor is neither the trustee nor the beneficiary.
Considered as being ‘outside’ your estate, gifts going into the trust and estate are beyond the reach of lawsuit judgments, divorce decrees or estate taxes because ownership of trust assets are no longer attributable to you.
Flexible as well, you can use a combination of both Revocable and Irrevocable Trusts along with various funding strategies to maximize a tax-advantaged, judgment-proof, divorce-proof outcome.
In many cases certain kinds of Trusts (especially when combined with other forms of asset protection like insurance and retirement planning) can be extremely effective.
Things to Keep in Mind with a Family Security Trust:
- In most cases your children, siblings, nieces, and nephews are the beneficiaries and you must select a trusted third party to serve as a trustee. This person acts as a fiduciary with a duty of loyalty to the Trust beneficiaries you’ve selected.
- The Trust can own several types of property in a manner that is safe from outside interference.
- The Trust can serve as a majority Limited Partner in a Family Limited Partnership. It does so by investing assets into the Family Limited Partnership in exchange for a majority Limited Partner interest.
- If established without any legal disputes and your gift of assets is not part of a scheme to defraud legitimate creditors, the trust can provide a safe and flexible way to secure assets.
To learn more about our family trust services, please give NCH a call at 1-800-508-1729.
*Legal Disclaimer – NCH has prepared the content of this website for informational purposes only. It is not legal advice. An in-house independent Nevada law firm provides our legal services.*