Networks - PFTC

Rather than viewing trusts as a mechanism to protect beneficiaries from the dangers of wealth, what if trusts were viewed as vehicles to “ignite a fire” within the next generation?

Simply because the instrument governing your trust states that it is irrevocable and cannot be amended does not mean it cannot be modified to serve your family’s needs in a better fashion.

Irrevocable trusts are a great way to minimize estate taxes and keep more of your wealth in the family, but they require you to permanently give up ownership and control of the assets you place in them.

In collaboration with a consortium of interested parties, including Holland & Knight attorneys, the Tennessee legislature has made significant strides toward securing and maintaining the state’s status as one of the leading jurisdictions for trust administration.

Being asked to oversee a family trust is a big deal. It’s a huge responsibility, and one you may not feel prepared to accept. Even if you’ve participated in or been exposed to the world of trusts, you may not have the knowledge or skills to be an effective trustee right now.