The Fundamentals of Trusts
- July 14, 2020
How they can help you create a comprehensive estate plan
One of the most frequently utilized strategies in estate planning is the use of trusts. Once associated with high net worth individuals as a way to pass money to heirs or charitable organizations, trust are quickly becoming a popular tool for everyone. The main reason people create trusts is to have control over who receives their assets; additionally trusts can offer other advantages such as keeping your estate private, protecting your legacy, and avoiding probate.
Reasons to Consider a Trust
- Tax planning purposes
- Concerns of a spendthrift beneficiary
- To avoid probate
- To plan for an underage or special needs individual
- Charitable planning
- Simply for privacy
Three Ways to Create a Trust with an Attorney
1. Drafted Trust: Living trust
2. Sub-Trust: Springs from an existing trust
3. Testamentary Trust: Contained within a last will and testament
Get Started Today
Trusts are flexible, varied, and complex entities; each with its own advantages and disadvantages. However, having a basic understanding of the different types and how they work can be advantageous for you and your heirs. Regardless of your financial situation, setting up a trust is an excellent financial tool to ensure your estate is disseminated to the appropriate heirs.
Contact your Oppenheimer Financial Professional today to assist you in creating a comprehensive estate plan to help you feel more confident about the future and that your loved ones will be taken care of.
© 2020 Oppenheimer & Co. Inc. Transacts Business on All Principal Exchanges and Member SIPC. All rights reserved.
This brochure is intended for informational purposes only. The material herein has been obtained from various sources believed to be reliable but is not guaranteed by us as to accuracy or authenticity. All information provided and opinions expressed are subject to change without notice. No part of this brochure may be reproduced in any manner without written permission of Oppenheimer & Co. Inc. (“Oppenheimer”). Neither Oppenheimer nor any of its affiliates or employees provide legal or tax advice. However, your Oppenheimer Financial Professional will work with clients, their attorneys and their tax professionals to help ensure all of their needs are met and properly executed. Investors should consult with their legal and/or tax Advisors before implementing any wealth transfer strategies. Securities are offered through Oppenheimer. Variable annuities are sold by prospectus only, which describes the risks, fees and surrender charges that may apply. Investors should consider the investment objectives, risk and charges of the investment company carefully before investing. The prospectus contains this and other information. You may obtain a prospectus from your Oppenheimer Financial Professional. Please read carefully before investing. Oppenheimer may receive compensation in the form of fees or commissions for services referred to and performed by our strategic alliance firms. However, Oppenheimer and the firms mentioned herein are completely independent of each other. Oppenheimer Life Agency Ltd. is a wholly owned subsidiary of Oppenheimer & Co. Inc.