Minding Your Business
Articles for Entrepreneurs & Those Who Serve Them
Smart, Surprising Ways to Take Control of a Trust
Many successful families who are business owners use trusts to minimize taxes, transfer wealth, and protect assets from creditors and others (i.e. future spouse of your child).
1. Too much control can be relinquished to a third party trustee.
2. Too much reliance on a third party trustee to think and act solely in your best interest at all times is rarely the smart move.
Trust law has evolved significantly. Now, there are options available that allow for greater family control – options that did not exist or were not commonly used back when many current trusts were established.
So, think and act more like an asset owner and less like a trust grantor or trust beneficiary. Start by reading this brief article about three smart, surprising ways to take control of your trust.
For more information on how Fairport inspires business owners and their families, contact:
Andrew R. Connors, CFP®, CEPA
Business Owner Leader
Partner, Fairport LLC