Demystifying trusts is essential for effective estate planning, as Laura Comer, Relationship Manager at First National Wealth Management, explains. Often misunderstood as tools solely for the wealthy, trusts provide a structured way to manage your assets during your lifetime and after your death. They allow you to specify exactly how your assets should be distributed to beneficiaries, such as children or charitable organizations, and can be used to protect assets and provide for specific needs.
A key consideration when deciding if a trust is right for you is understanding the differences between revocable and irrevocable trusts. Revocable trusts allow you to maintain full control over your assets, giving you the ability to adjust the terms as your circumstances change over time. This flexibility makes them a practical option for many. Conversely, irrevocable trusts have fixed terms that cannot be altered once established, but they can provide specific benefits in asset protection and management. First National Wealth Management’s expertise in trust administration ensures that both types of trusts align with your long-term goals and provide you with the peace of mind you need.
While tax benefits from trusts have evolved due to changes in federal exemptions, their value in asset management and estate planning remains significant. Laura shares that many individuals now use trusts primarily for their ability to ensure assets are distributed according to their wishes, rather than for tax advantages.
First National Wealth Management offers comprehensive trust administration services, working closely with clients and their attorneys to accurately document and implement their intentions. We also provide ongoing support in investment management and compliance with trust laws. If you're considering a trust or have questions about how it could benefit your estate plan, we are here to guide you every step of the way.
A key consideration when deciding if a trust is right for you is understanding the differences between revocable and irrevocable trusts. Revocable trusts allow you to maintain full control over your assets, giving you the ability to adjust the terms as your circumstances change over time. This flexibility makes them a practical option for many. Conversely, irrevocable trusts have fixed terms that cannot be altered once established, but they can provide specific benefits in asset protection and management. First National Wealth Management’s expertise in trust administration ensures that both types of trusts align with your long-term goals and provide you with the peace of mind you need.
While tax benefits from trusts have evolved due to changes in federal exemptions, their value in asset management and estate planning remains significant. Laura shares that many individuals now use trusts primarily for their ability to ensure assets are distributed according to their wishes, rather than for tax advantages.
First National Wealth Management offers comprehensive trust administration services, working closely with clients and their attorneys to accurately document and implement their intentions. We also provide ongoing support in investment management and compliance with trust laws. If you're considering a trust or have questions about how it could benefit your estate plan, we are here to guide you every step of the way.