Learn How to Use Family Trusts to Achieve a Range of Objectives for Clients
Clients often seek guidance on how to best set aside money, property and investments for family members, friends and other individuals they want to help — their beneficiaries. These clients often want these assets to be managed according to specific parameters with special protections.
This is where family trusts can be established to accomplish these objectives and benefit other parts of the client's financial and estate plan. Family trusts may take different forms and, if properly created as to avoid classification as a business entity and addressing the advantages and disadvantages of taxing the income to the grantor, they can present several opportunities for tax savings. Family trusts can be funded without gift tax cost while reducing the settlor's gross estate and producing family income tax savings through the shifting of income-generating assets from the estate owner to the trust and its beneficiaries, presumably in lower income tax brackets.
Instructional MethodGroup: Internet-based
NASBA Field of Study
Taxes (2 hours)