Trusts are useful tools that can help preserve assets, reduce tax burdens, create financial security for loved ones, and benefit other worthy causes. A trust can hold investments in land, property, valuable items, investments and more. They can be part of effective tax planning, provide protection against creditors, and ease periods of instability. Our business and estate planning lawyers have extensive experience drafting trusts and can advise you regarding the benefits of the right trust for you. We will also ensure you have the tools and knowledge you need to administer a trust efficiently and to your best advantage.
Cassady & Company provides advice and services with respect to the following:
Family trusts – Family trusts can be used to reduce tax by splitting income generated by investment assets or by a family business among adult family members in lower tax brackets. Capital gains may also be split among minor family members. Family trusts are also used to multiply access to the lifetime capital gains tax exemption, offer protection against creditors, and defer taxation.
“Alter ego” and spousal trusts – These trusts enable individuals and couples aged 65 and over to transfer property to a trust on a tax-free basis. “Alter ego” and spousal trusts are used to achieve goals such as protection against creditors, reduction of probate fees, confidentiality, and to avoid wills variation claims.
Disability trusts – It is generally advisable for a parent who wishes to leave an inheritance to a disabled child to set up a disability trust (also called a “Henson trust”) for that child. Assets held in such a trust cannot be counted in a “means test” to determine if a beneficiary is eligible for disability benefits because the trustee determines when to distribute the trust funds. Our lawyers also have experience assisting with disability planning.
Trusts for children – Trusts can be useful for protecting a child’s future. For a parent concerned about leaving an inheritance to a child who is a poor money manager, may be in a shaky relationship or owns a faltering business, a trust can be a very helpful tool. Funds can be distributed to such a child at the discretion of a trustee.
Testamentary trusts – Trusts can be set up in your will for your spouse, your children or for other friends or family members to achieve many of the objectives set out above.
With our expertise in both business and personal law, Cassady & Company is well positioned to identify and help you establish the right type of trust. With our firm, your best interests will be served.