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Trusts can be recommended for many individuals regardless of age, for several reasons. Trusts are used by clients looking to determine long-term control over complex assets, arrange for the care of vulnerable family members in the event of the caregiver’s death or incapacity, reduce income tax liabilities, or minimize or avoid probate fees. With its versatility, the creation of a trust is often an important part of the estate planning process at FH&P Lawyers.
Our estate planning team will review every option with our clients and will discuss when the best time is to develop a trust, ensuring the most effective way to protect their interests. Our team of lawyers have the experience and knowledge in designing a wide range of trust solutions, including:
Administration and Variation of Trusts
Our estate planning team at FH&P Lawyers not only assists our clients in drafting a trust, but we can also plan for the long-term administration of those trusts. Our team understands that life happens and can assist clients with any necessary changes that need to be done to the trust terms.
Trusts are frequently used in succession planning, as they can be used to transfer wealth to future generations in a tax-efficient manner and can result in a deferral of capital gains
A trust, unlike a corporation, is not a legal entity, but rather a relationship between the trustees and the trust’s beneficiaries. These relationships are set out in a trust agreement or deed.