When transferring wealth to the next generation, many families prefer to make gifts to younger family members in trust, rather than gifting the assets outright. Gifting assets to a trust has many advantages, including asset protection, tax planning and maintaining family control until the beneficiary reaches adulthood.
If asked to be a trustee, anyone, unless previously experienced in this field would not know what the responsibilities are. How much work is involved? What is the time frame? Do I need to prepare tax returns and handle accounts? Can I get help? When do my responsibilities end?
As a small business owner, you have worked incredibly hard to make your business a success. What began as an idea is now, due to your vision and hard work, a successful business.
Does anyone have a crystal ball that I could borrow? Wouldn’t it be nice to know what our future looks like, so we could be better prepared—but on the other hand, maybe not?
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