The cash savings to the family in avoiding probate may be a consideration for some, but more important in many cases are the income tax savings and estate and gift tax savings that may be possible through the use of trusts.
Trusts may provide unique tax and management benefits to the grantor and beneficiaries, but the planner should be sure that a proposed trust would actually achieve the desired goals. Many clients have insufficient information about the costs of trusts or their consequences to the beneficiaries.
Trusts may be a virtual necessity for some beneficiaries. These include minors, elderly persons who are unable to take care of their own needs, spendthrift beneficiaries who are unable to tend their money, and disabled persons (both young and old) who would lose government-supplied benefits if they had outright ownership of assets.
Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.