The next step is setting up a trust. A trust fund is a special type of legal entity that holds property for the benefit of another person, group, or organization. There are many different types of trust funds. There are also many different trust fund provisions that change how they work.
Generally speaking, there are three parties involved in all trust funds:
The Grantor: This is the person who establishes the trust fund, donates the property (such as cash, stocks, bonds, real estate, mutual funds, art, a private business, or anything else of value) to the fund, and who decides the terms upon which it must be managed.
The Beneficiary: This is the person for whom the trust fund was established. It is intended that the assets in the trust, though not belonging to the beneficiary, will be managed in a way that will benefit him or her, as per the specific instructions and rules laid out by the grantor when the trust fund was created.
The Trustee: The trustee, which can be a single individual, an institution (such as a bank trust department that appoints one of its staff to the responsibility), or multiple trusted advisors, is responsible for overseeing that the trust fund maintains its duties as laid out in the trust documents and applicable law.
The trust we set up will be insured by a bank/insurer of your choice, to fully insulate your assets against debt repayments, lawsuits and more. Because the trust is founded in Lichtenstein, it provides many benefits over trusts in other states including the ability to pass on your belongings to the rightful heirs in perpetuity. Trust funds can be used in a way that maximizes estate tax bypasses, so you can get more cash and assets to more generations further down the family tree.