For some, keeping the contents of their estate private upon their death is of paramount concern. Privacy may prevent turmoil among family and can put a stop to unwanted financial requests. Setting up a trust can be an excellent method of avoiding probate and keeping assets out of the public eye. Alter ego trusts are especially beneficial to those wanting to keep the contents of their estate private. In addition to privacy, trusts can also convey tax benefits and may help the settlor avoid probate and administration fees upon death. Although the benefits of trusts are numerous, it is important to consider that assets may not be moved into an alter ego trust prior to age 65 and there are legal fees associated with the establishment and maintenance of a trusts. And although trusts are not a solution for everyone, they can be an excellent estate planning device for many.
See Gordon Stirrett, Alter Ego Trusts Offer Tax, Privacy Benefits, Herald More, June 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
