Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators (Bloomberg)

Author: Goldstone, Hartley

Brand: Wiley

Edition: 1

Binding: Hardcover

Format: Illustrated

Number Of Pages: 320

Release Date: 05-10-2015

Part Number: 43168-72311

Details: Product Description An insightful and practical guide to family trustsFamily Trusts is a step-by-step guide for anyone involved in family trusts: trust creators, trustees, beneficiaries, and advisors. It will help families create and administer a culture that recognizes trusts as a gift of love.Marrying the practical and emotional aspects of family wealth, this book provides a hands-on primer that focuses on fostering positive relationships, and structuring the trust appropriately for the situation and the people involved. It tackles difficult topics with frank and honest discussion, from the first beneficiary meeting to working with addictions, and more. Written by a team of experts in family wealth, this information is becoming increasingly crucial to the successful execution of a trust; you’ll learn what type of person makes the best trustee, how to be an excellent beneficiary, and the technical aspects that help you build a better trust from the very beginning.There’s been a staggering increase in trustee/beneficiary litigation and hostility, but that doesn’t mean it’s inevitable. Plenty of trusts are running smoothly, with positive experiences on all sides. This book shows you how to set up your trust to succeed from the start, with step-by-step guidance and expert insight.Express clear and thoughtful intent for the trustCreate a healthy and supportive cultureSelect the right trustee, trust protector, and trust advisorTake the time to prepare before initially meeting the beneficiaryConduct a productive first meeting to set a tone for the relationshipHistorically, there has been little consideration given to the culture of trusts, and this oversight may be a key driver of the behavior that’s becoming more prevalent. Family Trusts explores the nature of these relationships, and shows you how to build a trust that retains the nature and spirit with which it was intended. From the Inside Flap A trust is a not a document or a receptacle. It is a relationship, aimed at benefiting someone’s life. Why, then, do 80 percent of trust beneficiaries view their trusts as burdens and not blessings? The authors believe that lack of attention to the human realities of trusts is to blame. Family Trusts challenges the disappointing status quo with new recommendations for building trusts that preserve the hopes of their creators and support the dreams of their beneficiaries. Most trusts are formed to save taxes, protect against creditors, and exert control over property. As important as these largely quantitative goals are, they ignore and often impede trusts’ qualitative possibilities. This revolutionary guide lays out sound practices for trustees, trust protectors, and trust creators to develop flourishing beneficiaries. It shows trustees how to manage their fiduciary risks by taking concrete steps to get to know beneficiaries and address their concerns. It also opens the eyes of beneficiaries and trust creators to the higher purpose that trusts can achieve, where dynamic distributions promote beneficiary growth and independence rather than perpetuate a “trust-fund baby” distribution-dependency. Whether your trust is already established or you’re planning to create trusts, this deeply practical guide shows you how to: Communicate clearly and effectively with beneficiaries at various stages of their development and at various stages in the trust’s own lifeMake prudent distributions to promote beneficiaries’ growthThoughtfully prepare for the creation of new trusts or the termination of old onesRestructure the roles of trustee and trust protector to manage risk and reduce the likelihood of conflictWherever you are in the trustscape, you can have a more rewarding experience with Family Trusts. From the Back Cover “The Anglo-American trust is an ancient principles-based regime that will survive into the 21st century only so long as it is administered by persons of principle. As a practical matte

EAN: 9781119118268

Package Dimensions: 8.8 x 5.9 x 1.1 inches

Languages: English