At the time of death, many estate administrations result in the funding of trusts. Some trusts involve lifetime benefits for spouses (QTIP’s or marital trusts), while others provide for families for multiple generations. Any many cases, estate administrations result in multiple trusts.
We have distinct experience in this area. When trust planning provides for subjective or objective flexibility in terms of trust funding, an opportunity presents itself for potential income tax, estate tax, and even generation-skipping transfer tax (GSTT) savings. Methodically funding trusts is momentous, and the results may have a lasting impact on family beneficiaries.
This kind of planning is best accomplished with the collaboration, understanding and agreement with all service professionals of a family, including legal counsel, tax planners, fiduciaries, beneficiaries, and investment advisors. We excel and enjoy connecting service professionals to effectuate success for clients.
Another aspect that occurs on occasion (if not more frequently) involves equitable equalization. If an estate consists of a $1 million home, $1 million of publicly-traded stock, and $1.3 million of cash; and if three (3) children of the decedent are to each inherit (in trust) equally (1/3 each), trust funding services comes into play.