Estate Planning
Secure your future with comprehensive estate planning
Did you know that writing your will is only one piece of the picture when it comes to providing for generations to come? There are several financial vehicles you can use to reap savings and retain true wealth for your family over time. Revocable trusts, four types of irrevocable trust and foundations each provide unique features. Learn about each below.
Revocable Living Trusts
Revocable Living Trusts
In this structure, a third party fiduciary holds and manages the assets assigned to the trust on behalf of yourself and any other beneficiaries. Rules are established for how assets are distributed at the time of your passing. During your life you may make modifications to the terms of the trust, including beneficiaries.
Irrevocable Living Trusts
Irrevocable Living Trusts
Irrevocable trusts are fixed at the time of creation: the beneficiaries are set, and the assets put in to the trust are held in perpetuity by the trust. Beneficiaries receive money earned by the trust and are paid out based on the terms at founding.
Asset Protection Trusts
Asset Protection Trusts
When someone targets you to take your assets, one of the best protections is an Asset Protection Trust. With this irrevocable trust, you are able to assign valuable assets you own to the trust while retain use of the asset. A home, vehicles, jewelry or investments can all be added, continuing to provide use while shielding the assets from creditors.
Charitable Remainder Trusts
Charitable Remainder Trusts
This irrevocable trust format allows you to put assets in, then the assets benefit you and your choice of charity based on the rules established at the founding of the trust. Provide benefit to the things you believe in in perpetuity with a Charitable Remainder trusts.
Dynasty Trusts
Dynasty Trusts
Dynasty Trusts provide for multiple generations without each heir being taxed from generation to generation. These trusts are valued by wealthy families for the length of their term and their intergenerational tax benefits.
Irrevocable Life Insurance Trusts
Irrevocable Life Insurance Trusts
One of the primary assets in an irrevocable trust is a life insurance policy. For those who want to found an irrevocable trust on insurance policies alone, an irrevocable life insurance policy trust is the trust custom built for this purpose.
Create a Foundation
Create a Foundation
Each one of us has a sense of purpose in life. Establishing a private foundation allows you to commit part of your wealth to the establishment of a philanthropic organization in support of your purpose while providing you tax benefits along the way. Increase your recognition and found an organization for the greater good.
Explore your options
Contact PMC Finances today to find out more about protecting and growing your wealth. Our consultation services ensure that you find the absolute best option for your hard earned money.
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