In many cases, and especially for business owners, there are assets in an estate plan that require special consideration. For example, a company that requires certain expertise or specific licenses will need their own planning, like a special trustee to administer those assets.
An individual or business owner that has a gun collection, for example, would be placed into a trust that is monitored by another individual with a gun license. Likewise, a doctor might choose a trustee who is also a doctor to control the medical practice’s ownership corporation in the event of incapacity.
Another example involves real estate, where there is a home that the owner would like to keep in the family. There are several reasons why it makes sense to establish a house trust to explain how the house could eventually be sold, and how it can be shared and used by everyone in the short term. Heirlooms and pets represent further causes for special planning.
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Trusts are a highly beneficial tool for a wide variety of individuals and businesses because of the many advantages they offer. An individual has more control over the passing down of assets and there are also be tax benefits, too. To learn how to plan for your special circumstances with a trust, email info@lawesq.net or call 732-521-9455.