Over time you build wealth – some to enjoy and some to leave to the people and causes you care about. An estate plan outlines who you wish your wealth to pass to and how. It sounds simple, but depending on the breadth of your assets and the number of heirs, it can be complex. Tax planning is critical; the consequences of poor decisions in this area can be costly and potentially heart-breaking, for example if a beloved asset has to be sold simply to pay taxes or one heir is inadvertently penalized through an unforeseen tax issue.
Estate planning is also dynamic. Relationships change, children grow up. Priorities shift, and what may have been important at one stage of your life, gets replaced by something new.
Your BlueShore Financial advisor can help you keep your estate plan in focus and aligned with your values and priorities. We use a team approach that includes in-house investment, insurance and business specialists, as well as external partners to meet your legal, tax and accounting needs.
Trusts as part of your estate plan
Trusts allow you to transfer ownership but not control. Your heirs can enjoy the benefits of the assets according to your wishes, administered by a trustee. For family business owners, trusts can play a vital role as management operations transition to the next generation.
Trusts also play a key role if you are planning for the care of a disabled dependent.
However, setting up a trust is complicated; trusts are legal entities and must pay taxes. Our Financial Advisors can help guide you regarding legal requirements and work with your lawyer to ensure the trust arrangement meets your needs. They will also help you with tax strategies to benefit you and your estate.
Talk to your BlueShore advisor and legal counsel to ensure you get the best professional advice.
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