Pozzuolo Rodden, PC, Philadelphia Estate Planning Attorneys, Announce the Release of the Article: “Using Trusts To Maximize Family Protection And Minimize Estate Taxes”
This article discusses an inclusive, background on trusts. This article will go through the many decisions a creator of a trust faces when drafting a trust.
(PRWEB) February 14, 2013
The Law Firm of Pozzuolo Rodden P.C., announces the release of the article “Using Trusts To Maximize Family Protection And Minimize Estate Taxes”. Below is a sample of the first couple of paragraphs. If you would like to read more, please read the full article and other corporate law, or estate planning topics at http://www.pozzuolo.com/Pubs_Articles.shtml.
Using Trusts To Maximize Family Protection And Minimize Estate Taxes
Your client Abe finally decides to transfer assets out of his estate to provide for his and his family’s continued health, welfare, and security. At the same time, Abe hopes to avoid estate taxes as much as possible. However, he may have concerns about relinquishing control of his assets for such tax savings. He may be concerned that members of his family cannot responsibly manage the assets or that his children are minors or have special needs. Abe may be worried about who will manage his property if he becomes incompetent or disabled and who will make payments for his hospital, nursing, or overall medical care in such a situation. He also thinks about who will manage his investments and increase their value. Whatever Abe´s concerns, he mostly just wants to provide for the ongoing support of himself and his family after he transfers his assets.
Putting Abe´s investment assets in trust my be the solution to these problems. A trust allows his assets to be managed even after they have left his control or when he becomes unable to directly mange the assets himself. Within a trust document, he may set restrictions on how assets may be used and proscribe various ages and events at which a beneficiary can receive funds. He appoints a trustee or co trustees, who may be a trusted friend or a professional corporate trustee, to manage the assets and ensure they are used as he would desire according to the terms of the document. In the event of Abe´s death or incapacity, the trust provisions essentially control his assets indirectly to ensure the wealth he acquired can provide his family a base level of support for years to come and not be dissipated frivolously.
This article is geared to practitioners, their clients, or sophisticated individuals who want an inclusive, background article on trusts. This article will go through the many decisions a creator of a trust faces when drafting a trust. First, it discusses what a trust is and how it compares to other entities. Second, it examines the various trust options to help the creator of a trust determine the most desirable type, especially in regards to their tax consequences. Third, it considers various trust provisions pertaining to distributions of assets and beneficiaries´ ability to assert their rights. Fourth, it explores the possible choices of trustees and details provisions to safeguard against improper acts by trustees. Lastly, it discusses various schemes to fund the trust effectively in order to save estate and gift taxes or meet charitable purposes or other endeavors.
If you would like to read more, please read the full article “Using Trusts To Maximize Family Protection And Minimize Estate Taxes” and other corporate law or estate planning topics at http://www.pozzuolo.com/Pubs_Articles.shtml.
Pozzuolo Rodden, P.C. provides specialized cost-effective legal services to privately held business owners and high-net-worth clients in Pennsylvania and New Jersey in excess of 35 years.
Business planning and transaction, complex business litigation, commercial real estate and development, construction law and litigation, advanced estate planning and administration, tax and pension law, high profile and intricate family litigation, and employment law and litigation.
Pozzuolo Rodden, P.C.
Counselors at Law
2033 Walnut Street
Philadelphia, PA 19103
For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2013/2/prweb10423825.htm