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WHY USE A FAMILY SECURITY TRUST?

One of the ‘secret weapons’ of the wealthy is the use of trusts established to benefit family members. The most powerful are irrevocable trusts in which the ‘grantor’ (founder) is neither the ‘trustee’ (administrator) nor the beneficiary. As a result, such trusts are deemed to be ‘outside’ the estate; thus, neither the ownership of assets held within the trust nor the income earned by the trust is subject to attribution to the
trust’s grantor.

Don’t let the term irrevocable scare you. A trust can be one of the most flexible ways to hold property. However, there are trade-offs and you can use a combination of both revocable and irrevocable trusts along with various funding strategies to maximize a tax-advantaged, judgment-proof and divorce-proof outcome. In many cases certain kinds of trusts (especially when combined with other forms of asset protection as well as insurance and retirement planning) can be very effective indeed. One of these tools is the use of an irrevocable FAMILY SECURITY TRUST.

Here are some things to keep in mind:

• Normally, family members such as your children, siblings, or nephews and nieces are the beneficiaries. You select a trusted third party – such as your best friend – to serve as trustee. The trustee is a fiduciary with a duty of loyalty to the trust beneficiaries you have selected.
• The Trust can own different types of property in a manner that is safe from outside interference.
• Gifts from you going into the trust are deemed to be ‘outside’ your ownership and estate – and thus beyond the reach of lawsuit judgments, divorce decrees or estate taxes because ownership of trust assets are no longer attributable to you.
• The trust can serve as a majority limited partner in a Family Limited Partnership (‘FLP’). It does so by investing assets into the FLP in exchange for a (majority) limited partner interest.
• As long as the trust is established while your legal seas are calm (and there is no dispute just over the horizon) and if your gift of assets into the trust is not part of a scheme to defraud legitimate creditors, the trust can provide a safe and flexible way to secure assets.
• There are two ways to gift assets to the trust and legally minimize gifts taxes. One is for each grantor to contribute less than $11,000 per beneficiary annually (or $22,000 per donee by a married couple). The other is to utilize your lifetime Unified Credit amount. Currently that is $1,500,000 for you (if you’re married, double that amount) to include the Unified Credit amount available to your spouse. While a gift tax return might be due, this can offset any gift taxes.

Call 1-866-411-2002 to start your Living Trust today!