A Family Trust is a thought, planned and structured mechanism set up for the benefit of the family members, as on date and in future as well.
The provisions for the beneficiaries, through the Family Trust, can be during the life time or even after the death of the creator.
“Plan the future of the beneficiaries for whom who you have toiled hard throughout your life”Setting up a Family Trust is quite simple.
The basic steps to set up a Family Trust are:
The details of the terms in the Family Trust depend upon the requirements of the family members and type of the trust chosen.
The Family Trust ensures that the assets are managed on behalf of the beneficiaries. Family Trusts are very important in estate planning, to avoid probate.
Family Trusts are the best way to protect the assets from creditors. Family Trusts are a great vehicle for minimizing the tax burden of the high-net-worth individuals and families.
Succession Planning is the most important task for any CEO managing a family business. The family businesses face the challenges of family togetherness, succession planning, distribution of dividends, wealth management on a continual basis.
Succession planning of the business and the estate need to be done prudently. The Family Trust serves as a binding agent between the family members who would otherwise have their own self-interests.
Family Trusts are effective and convenient ways for managing the assets and finances, and succession planning.
The trust structures help in succession planning by addressing the current and future needs of the family members.
The tax structures reduce the tax burden on the estate, take care of the key family expenses and help in enhancing wealth.
As a well-executed trust deed helps bury potential conflicts.
The Trust is a great mechanism for succession and estate planning and simultaneously enabling value creation.
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