Recently, there has been discussion in Congress about the potential repeal of the Federal estate tax laws. It is still too early to tell if this will happen, and if it does, how much will be repealed or what version will be passed. Since many people view trusts as a tax savings tool, this whole discussion has raised questions about the need for trusts going forward. Our view is that trusts and the need for them is really based on control , and controlling estate taxes is but one of many reasons for creating a trust.
People work hard to build their assets and to increase their standard of living.
In addition, more people are inheriting greater sums, and this transfer of wealth from generation to generation is expected to increase in the future. Many want to have a say in what happens to their assets once they are gone. Writing a will is one of the most important things a person can do, but creating a trust gives even greater control. While a will states where your assets will be distributed, it must be handled through proceedings in a probate court, and assets will be distributed as a part of the probate process. In addition to maintaining family privacy, the trust can also provide for greater control of when assets are distributed.