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She's On The Money
Family Trusts: What They Really Do—And Should You Have One?
Feb 18, 2025
Family trusts might conjure images of mega-rich families and yacht parties, but they’re actually vital tools for everyone. Discover how these structures help manage assets and protect wealth, offering tax perks and reducing family disputes. The hosts break down when to set one up, and how a trust can foster harmonious generational wealth distribution. They make these complex topics engaging, ensuring you understand both the benefits and challenges of family trusts.
44:33
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Quick takeaways
- Family trusts are effective legal structures that allow individuals to manage assets and optimize tax distributions among family members.
- Although beneficial, family trusts may not suit everyone due to complexity and costs, necessitating careful consideration and professional advice.
Deep dives
Understanding Family Trusts
Family trusts serve as legal structures that hold and manage assets on behalf of beneficiaries, typically within a family. They are not exclusive to the wealthy, as regular individuals can also benefit from setting up a family trust for financial management. These trusts operate under the principle that the assets are held separately, creating a 'bucket' waiting to benefit the listed beneficiaries without the assets being directly linked to an individual's personal income. This separation allows for different tax implications, where the trust itself may be taxed differently than individual beneficiaries, based on distributions made from the trust.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode