A Family Trust — Not Just For The Wealthy!
When I first started in this field, about fifteen years ago a trust was much more focused on avoiding estate tax. Federal estate tax however, due to changes is the law is no longer an issue for the vast majority of Americans. Absent estate tax concerns many wonder why they would need a trust at all, most think trusts are just for the wealthy. This is absolutely wrong. Tax planning aside for a moment, trusts are necessary for everyone, read everyone who has a minor child or even a young adult child. Just as you would not consider health insurance for your child a luxury I urge you not to consider a trust for your minor child a luxury it is a necessity, absolutely. What should happen to your children if both you and their other parent dies? I know it is unpleasant to think about it, but ignoring the possibility does not mean it will never happen. Who will manage your child’s finances? You don’t want it to be the court do you? That is expensive and inefficient and y