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CFSG is a corporate trustee for individuals and organizations. The following are the most common types of trusts in which we act in a fiduciary capacity.
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Revocable/Living
Using a living trust enables you to control the distribution of your estate - similar to a trust under a will (testamentary). But, unlike testamentary trusts, properly funded living trusts completely avoid probate.
When you set up a living trust, you can generally transfer title of all the assets you wish to place in the trust from you as an individual to your trustee of the trust.
Technically, you no longer own any of the assets transferred in your own name - everything now belongs to the trust - so there is no longer anything to probate when you die. Your estate will still have to pay final income taxes, but your living trust can minimize estate taxes. While you're alive, you can maintain full control over the assets. You can buy or sell as you see fit. You can even give assets away.
Living trusts can offer many other benefits - we would be pleased to discuss this planning tool with you.
Irrevocable
To minimize estate taxes on assets valued at more than twice the exemption level for married couples, you must give up control over the property. This can be accomplished by transferring ownership of those assets to an irrevocable trust.
Just about any trust arrangement can be made irrevocable. However, bear in mind that when you establish an irrevocable trust, you give up a considerable degree of control over the assets within the trust. And the trust is not easily modified.
Consult one of our professional advisors to determine if this type of trust is for you.
Charitable Remainder
If you are interested in providing a charitable gift, there are several different types of trusts that can accomplish your goals. It is possible to give away income now and receive an income tax deduction, plus receive the principal back for distribution through your estate. Or, it is possible to receive income while you are alive, and at your death, passing on the proceeds to one or more charities while receiving income and estate tax deductions. Charitable trusts could accomplish many goals for you - we would be pleased to discuss these options with you.
Employee Benefit Plans
We act as trustee under a variety of qualified employee benefit plans for individuals and organizations. Providing for retirement is critically important and we can recommend the best approach for you, based on your employment and earnings. In addition, we recommend and install plans for employers, plus provide the education that is vitally important to help employees select the most appropriate investment options.
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Estate, Tax and Financial Planning