Is your trust doing what you need it to do?

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Trust Audit

JUST IN $199.00

Upload your existing trust for review and see if it is doing what you need it to.

Why Get A Trust?

There are many benefits of including a Trust in your planning. Trust assets avoid probate, protect from creditors, allow your estate to easily be managed if you are unable, and many others.

Trusts must be properly funded. This means transferring ownership of assets to the Trust. Some assets must be held in your name, such as IRAs and 401K’s. Failing to properly fund a Trust is the most common reason why a Trust fails.

Trust Planning & Review

Trusts should be reviewed by your trustees and legal advisors for operational, taxation and funding concerns, as they pertain to the trust’s objectives and terms. Reviews should include:

  • Ensure the annual gift tax exclusion requirements are being met by the trustee
  • Changes in the grantor’s or beneficiaries economic or life circumstances
  • Changes in the grantor’s or beneficiaries economic or life circumstances
  • Appropriate gift tax returns or generation-skipping tax elections, if any, are filed each year
  • Confirming any required actions by the trustee and the frequency for each action
  • Accounting for contributions and/or gifts to the trust and distributions to beneficiaries
  • Provisions for successor trustee(s)

What To Know

  • Who are current and successor trustees?
  • What are the terms of the Trust?
  • Is the Trust revocable?
  • Who are the beneficiaries and contingent beneficiaries?
  • Does the Trust still accomplish your planning needs?
  • Is there a current Durable Power of Attorney for financial or healthcare?
  • Has the law changed and should the Trust be updated to take advantage of the new laws?

What To Do When A Client Has An A-B Trust?

A-B Trusts were created by a married couple to minimize estate taxes. These Trusts divide into two upon the death of the first spouse. These are NOT advantageous as the estate tax exemption is sufficient for most estates. However, many clients are unaware of this major distinction. Call today to see how we may help.