A trust is a legal arrangement that allows for asset management by a trustee for a beneficiary's benefit, often used in estate planning. They provide benefits such as privacy, asset management flexibility, and creditor protection, yet involve complexities and potential high costs. Parents may opt to keep the existence of a trust secret until their child reaches adulthood to foster independence. This approach requires careful planning with a financial advisor to ensure that the trust aligns with family goals and avoids common pitfalls.
A trust is a legal arrangement where assets are managed by a trustee for the benefit of a beneficiary. They are popular estate planning tools to ensure financial security, control asset distribution, and potentially reduce taxes.
Keeping a trust secret until a child is 30 promotes independence but may risk unpreparedness, making a financial advisor essential for tailoring the trust to specific family goals.
Collection
[
|
...
]