family trust
Generational wealth vehicle
A family trust is a legal arrangement in which assets are held and managed by a trustee for the benefit of family members.
Parents often establish family trusts to transfer wealth to children and grandchildren while minimizing estate taxes or protecting assets from creditors.
The trust document specifies how and when beneficiaries receive distributions.
They set up a family trust to ensure the grandchildren's college expenses would be covered.
- trusteeOne managing another's assets
- beneficiaryDesignated asset receiver
- probateWill validation proceedings
- inheritanceProperty received from ancestors
- passing downGiving to successors
settlor · generational wealth · fiduciary duty · will · capital gains tax · bloodline · guardianship · executor · tax deferral · tax shelter · gift tax · succession planning · asset protection · estate planning · estate · endowment · provisions · protection
- family bondslove, parent-child bond, sibling bond, loyalty, marriage
- family lawchild custody, child support, alimony, divorce petitions, divorce law
- estate planningexecutor, beneficiary, will, probate, trustee
- family businesssuccession plan, succession planning, next generation, successor, leadership transition
- inheritanceinheritance, inheritances, heir, heirs, heiress
- shared ownershipco-ownership, shared ownership, community ownership, joint ownership, collective ownership
family trustcharitable trust
Endowment for public benefit
donor-advised fund · public trust · charitable foundation · public charity · endowment fund