Family Dynamics

Legacy planning involves determining the amount of funds to leave to children, family, and charitable organizations. In concert with your legal or tax advisors, Family Heritage Trust Company holds, administers and invests your assets so that they are appropriately organized and managed to ensure maximum value at the time of your passing. Legacy planning also addresses blended family issues (second marriages and preservation of assets for children from previous marriages) along with special provisions for the elderly or special needs heirs that require advanced planning and instruction.

It is through the use of revocable trusts, irrevocable trusts, charitable gift planning, and other techniques you can assure the best outcome for your family.

  • Revocable trusts are an excellent tool which can be designed to fit in with the present needs of the grantor then subsequently provide for a surviving spouse or future generations.
  • Irrevocable trusts are another strategy which can be used to care for the next generation.
  • Generation skipping trusts create current income for a spouse or child but such a trust also assures that subsequent generations receive the accumulated wealth of the family without being eroded by estate taxes.
  • Charitable trusts can be structured so that the grantor receives a current income tax break and the next generation gets assets without any estate tax implications. Furthermore the grantor can receive current income while transferring assets out of the estate at death and avoiding federal estate taxes.