Common Trust Fund Questions for Beginners
Are you considering a trust fund? Trust funds are a very useful tool for saving and investing money, but a lot of people aren’t totally sure how to use a trust or even how they work. Trust funds essentially hold assets, like property, a business or money, for the benefit of another person, a group of people or even an organization. There are several common questions regarding trusts, so let’s take a look at some of them.
- How are trust funds structured – a trust fund is a specially created entity that is held in the state where it was formed. In some states you can create perpetual trust funds, which never end, while other states only allow trusts with a termination date.
- What are the reasons to use a trust fund – there are many reasons to set up a trust, but one of the best reasons is that they can protect your assets from creditors. Another reason to use a trust is to protect your assets from untrustworthy family members. You can use a trust to save thousands or even millions of dollars from taxes by donating the trust assets to a charity.
- When is the right time to form a trust – this is a wide-open question because every situation is unique. It depends on your reason for setting up the trust, how much you will be putting into the trust and who will be the beneficiary. It’s best to speak with a professional to determine when the right time is for you.
If you think you are ready to create a trust then come talk with us at GROCO for more ideas and information. One of the biggest factors to consider is how your trust will affect your taxes. We will help you look at all your options and make sure that your trust is set up to be as tax-friendly as possible. Just give us a call at 1-877-CPA-2006, or click here to learn more.
A Look at the Evolution of Online Education
A Look at the Evolution of Online Education Like almost every other industry, the education industry has experienced a lot of change in the last two decades. Just as the Internet has influenced everything else, it has also had a great affect on education. Twenty-five years ago if you wanted to earn a college degree…
What is the Purpose of Your Business?
What is the Purpose of Your Business? Profit is the result of what a business does, but it is not the purpose. Businesses spend an inordinate amount of time asking questions about how things are done. For example: How has this been done in the past? How have other businesses done this? These kinds of…
Embrace Opportunities and Be Flexible in Your Plan
Embrace Opportunities and Be Flexible in Your Plan Life is a journey and the race is usually not won in a day. While it’s important to plan ahead and it’s a good idea to map out your future, the fact is things don’t always go according to plan. Thus, it’s very important to be flexible…
What Philanthropy Really Is
What Philanthropy Really Is What comes to your mind when you hear the word philanthropy? Perhaps you think of giving away money to a great cause in order to help further its purpose. Maybe it’s a large donation to a school, a community service or a new building designed to help many. Of course, philanthropy…