If you have a high net worth, you may wish to consider the option of creating a family trust for tax-efficient and strategic estate planning. At Clear Title Law, we can help navigate the complexities of family trusts to safeguard your assets and secure a lasting financial legacy for your loved ones.

Understanding Family Trusts

Family trusts offer a distinct advantage by separating asset control from ownership. Trustees manage trust property on behalf of beneficiaries, ensuring prudent management and protection of family assets. 

Types of Trusts

Inter-vivos trusts, established during one’s lifetime, offer flexibility and can be discretionary or non-discretionary. Discretionary trusts empower trustees to manage assets for the benefit of family members while retaining control safeguards.  Testamentary trusts are established upon ones death, generally by way of the deceased’s will. A testamentary trust can protect the trust assets for the benefit and use by the trust beneficiaries during the term of the trust. 

Tax Benefits

Family trusts can offer compelling tax advantages, including maximizing the lifetime capital gains exemption,  streamlining succession planning, and leveraging the assets through prescribed rate loans. 

Non-Tax Advantages

Family trusts can provide a number of non-tax advantages to be considered. For example, they can provide creditor protection for trust beneficiaries, ongoing support for vulnerable family members, and may assist with probate avoidance, while ensuring confidentiality and expediting estate administration.

Navigating Family Trusts with Clear Title Law

Let our team guide you through the complexities of family trusts, ensuring your estate planning objectives are met with precision and peace of mind, to protect your legacy. Contact Clear Title Law to explore the possibilities of a family trust as part of your estate plan.  We can help you secure your financial legacy and pave the way for a brighter future for generations to come.