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Managing a multi-generational trust

Florida residents who have managed to achieve a certain level of financial success may be concerned with the long term planning of their estate. It is possible, with a certain level of foresight and attention, to provide a standard of living for future generations long after the owner has passed away through the use of a trust.

Without proper management, even a large bequest can find itself exhausted before it reaches the third or fourth generation. Experts say that three of the main issues behind asset depletion over the years are the gradual division of the funds between descendants, the taxes that come with the transfer and manipulation of the money, and the business reverses or other issues that may intervene. As a result of these factors, even a very sizable estate can waste away to practically nothing.

Many authorities on estate planning mention their clients' desires to maintain the fortunes of their families for decades. One emotion that has often been expressed is the hope that the bequest will be used to reinforce positive, productive behavior without being enervated by heedless, unreasonable spending. Proper structuring of the trust can make sure that the corpus is properly managed and kept in reserve until needed.

Planning a multi-generational trust can be a complex task, and thus it may be advisable to consult with an an experienced attorney who can offer useful advice about precisely what form of trust to use, help to draw up all relevant estate planning documents and make sure that everything is in full compliance with the law. The attorney can also provide recommendations about the choice of trustee if necessary.

Source: Forbes, "How To Create A Family Trust To Empower Your Great-Great-Grandchildren", Garrett Gunderson, Dec. 23, 2015

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