If you are thinking about setting up a trust fund for loved ones in your family, and would like a basic overview of the process and issues to think about, I have prepared a comprehensive guide of what I consider to be the main issues associated with establishing a trust fund.
The Mystique Of A Trust Fund Debunked
First of all, when people hear the term trust fund, they attach a certain Rockefellerian mystique to the term. They think of it as some abstract nebulous “legal thing” that allows millions of dollars to build up somewhere.
The mechanical reality of a trust fund is far more mundane than that—it merely refers to any instance in which the control of an asset is separated via a contract between the person who benefits from an asset and the person who now controls the management of the asset. A second requirement is that … Read the rest of this article!