Whether from hard work and dedication, inheritance of family wealth, or maybe even both, many individuals are faced with the favorable dilemma of having to deal with the transfer of wealth to the next generation(s).  Regardless of whether “wealth” is defined as thousands of dollars, or billions, most taxpayers would certainly rather their heirs receive their wealth than the government.  However, for many there is cause for great concern as to the impact that the outright inheritance of financial resources could have on their heirs.  It is not that they don’t trust their children or grandchildren, but rather, how can you trust someone who may not be grown yet, or may not be a “grown-up” yet?  Often times there may simply be the fear that an inflow of personal wealth may “spoil” the installation, execution and appreciation of a quality work ethic.

If you find yourself facing these issues, a trust fund may be the tool that you are looking for to transfer your assets and instill some safeguards to help ensure that your heirs do not squander what they have been given.  Anne Brennan has written an interesting article with some valuable planning techniques for trust funds.

With the $5 million gift tax exemption still in place, now might be the best time to take advantage of the favorable tax laws.  Please do not hesitate to contact us if you would like to sit down and discuss your options.