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What is a trustfundcard Account?
TrustFund is built on one basic belief: We Trust People. We trust them to do the right thing. We trust they dream big. We trust that most days, most of us do all we can to take care of who and what is important to us. At TrustFund, we want to the build a platform big enough for those dreams and strong enough to support people striving to get ahead.
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How Do Trust Funds Work?
There are three parties who take part in a trust fund: the grantor, the trustee and the beneficiary. The grantor is the person who establishes the trust fund and places his or her assets into the fund. The trustee is the person or institution who holds and manages the assets. Finally, your beneficiary is the person you choose to receive the fund’s contents.
To set up a trust fund, the grantor works with a lawyer to create the trust. You can also choose a financial advisor to work with to help you allocate your assets in the best way. The grantor names the trustee, often a family member or a financial institution.
A grantor must also name the beneficiary like their children or grandchildren, a business partner or a charity. The grantor and the lawyer also draw up the terms of the trust fund. The terms include which assets the grantor will include and how they want those assets to be distributed.
Trust funds differ from other estate planning tools. They enable the grantor to provide specifications for how and when the beneficiary will receive the trust’s assets.
For example, as a grantor, you may choose to pay out funds annually to the beneficiary or as a lump sum once the beneficiary reaches a certain age. The grantor can even specify the funds go towards a significant expense like college tuition or a down payment on a house.
A common inclusion in a trust fund is a “spendthrift clause.” This prevents a beneficiary from using the trust fund’s assets to pay off their debts.
So even if your grandson were to gamble away all his own money and incur a ton of debt, his creditors can’t touch his trust fund. That way, your grandson can still have some backup money to help him get back on his feet.
What Are the Different Types of Trust Funds?
There are a few types of trust funds. For starters, there are irrevocable trust funds which once established, are unchangeable. As the grantor, you cannot rescind the trust nor change the terms or distribution. This rigidity comes with some benefits.
First, because the grantor no longer owns the assets, they don’t need to pay income tax on money made by these assets. Funds an irrevocable trust no longer count as part of the grantor’s estate. Therefore, moving assets into an irrevocable trust can also help the grantor move into a lower tax bracket or avoid paying estate tax.
Irrevocable trusts also protect funds from legal claims and debts against the grantor. This way, the beneficiary can still benefit from those assets in the event the grantor falls into debt or hardship.
Revocable trust funds, on the other hand, are changeable at any time. These are also called living trusts. You can update them as needed by adding or removing assets and beneficiaries. You can even dissolve the fund which results in returning the assets to the grantor.
This allows for more flexibility and control, as changes can be made until the grantor dies. However, unlike an irrevocable fund, the funds within a revocable trust are still part of the grantor’s estate. This leaves them less protected if the grantor faces legal claims, medical bills or other debts. In this case, the funds in the revocable trust aren’t protected.
A charitable remainder trust is another type of trust fund. Also called a charitable annuity trust, this allows you to pass on your assets to a specified charity instead of a relative.
The assets within this kind of fund provide a fixed-percentage income for the beneficiary during the life of the trust. When you fund a charitable remainder trust, you can immediately benefit from charitable-contribution tax credits. Plus, you’re donating your assets toward a great cause.
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