 
WHO NEEDS A TRUST?Individuals -Anyone that has assets, expects to have assets, or does not want to lose assets, can have a trust.Of course, you can't take it all with you, so.... anyone that wants to pass assets on to others and give them the benefits of the assets can benefit more safely with a trust. A trust can even be set up in anticipation of future events, like starting a business, a new venture, future income, or benefits from becoming a celebrity. Anyone, a relative, a friend, a charity, a cause, a purpose, a school, politics, education, pets, a business, or a company could be a beneficiary. You can share with related (or unrelated) beneficiaries. You can exclude anyone too. You can name one, or more beneficiaries. There can be any number of beneficiaries. The benefits are usually shared in an undivided manner, but could be divided in any percentage, or physically divided. Families -Husbands and wives frequently keep a Lifetime Beneficial interest for both of their lifetimes, then shift benefits to their children as the Remainder Beneficiaries. This keeps assets within the family, and prevents spouses of the children (or others) from inheiriting ownership.Lifetime Benefits -You can keep "Lifetime Beneficiaries" currently maintaining benefits during your lifetime, then shift benefits to "Remainder Beneficiaries". This allows for your selection of inheiritance rights (or lack thereof).You could even then shift the benefits further. Business Benefits -You can keep a business maintained during a medical problem, or other crisis without interruption. This allows for continuing management, and smooth transition of management.Furthermore, any business problems could be kept separate from other assets like the home and savings accounts.  |