A Family Trust is characterized by the following:
For instance. Bob Kennedy (a Kennedy family member and also a beneficiary of the Kennedy Trust) left campaign debts and expenses of more than $3,000,000 which his estate could not pay at his death. These debts could however not be deducted from any of the Kennedy Trusts;
What Assets Can I Put Into A Family Trust?
You can put any assets you wish into a Family Trust. Real property (i.e. a house or land) is a common choice of asset. If you decide to give your home to the Trust as an asset, you can arrange a “lease for life” with the Trustees, which allows you to continue to live therein for your lifetime. You can also move houses by authorizing the Trust to sell your property (if you so wish) and subsequently, purchasing another property of your choice.
It is not advisable to put assets that will decrease in value overtime such as vehicles into the trust.
Advice About Setting Up A Family Trust
The Family Trust information here should be considered general in nature, and should not be interpreted as legal advice. With the right information and advice, the process of creating a FamilyTrust is simple, inexpensive and will give you peace of mind.