Trust Setup Advising Services Northern Virginia
Trust funds are highly-useful in ensuring one’s money or assets remain beneficial long after its original trustor, or the individual who placed their assets into the trust, has passed away. Thus, trusts have often been made as a way for individuals to secure their wealth, property, or other valuable assets, and ensure they are available and accessible to their loved ones.
However, there are a number of aspects within a trust fund you should learn about before setting one up, so that you can make sure your assets are given to those you feel deserve it, as well under particular conditions, in order to maintain a sense of accountability and mindfulness.
Gilliland & Associates have helped numerous individuals and families through Northern Virginia with trust fund set-ups, assisting in the endowment of our clients’ assets to their loved ones, as well as maintaining their wishes are respected by all parties involved. We desire to follow our clients’ every concern and preference when it comes to setting up trusts and other financial vehicles, all to ensure they are comfortable and hopeful in their own and their families’ financial future. Below, we provide some things you should know about setting up a trust:
How Does a Trust Fund Operate?
There are several steps that go into creating a trust fund. The first involves setting up the specific conditions of the trust, such as creating one for your next of kin or for a particular charity you’d like to donate your assets to, as well as whether the party it is intended for has fulfilled. You may also add certain stipulations, such as allowing access to trust assets only after your beneficiary, or beneficiaries, reach a certain age or set of conditions you consider indicative of their merit and commitment.
After that, you will need to meet with an experienced trust fund planner, such as our trusted professionals at Gilliland and Associates, who will help you create a detailed trust that receives the most tax exemptions possible, all to ensure your trust’s future financial stability.
Why Should I Set Up a Trust?
Setting up a trust is highly-beneficial for anyone who desires to leave their estate and assets to their children or relatives. It allows them to retain a degree of control over how it will be accessed, ensuring whatever wealth or property they have left behind is properly distributed to their loved ones or to the causes they believe in. It is also useful in that it allows those who earn high-enough incomes to receive tax exemptions, as the assets you place into your trust are no longer considered yours.
Call (703) 448 – 9121 to discuss your business and individual accounting requirements.