When it comes to estate planning, much has been said about minimizing the tax bite. Yet equally critical is the issue of stability: Is your estate plan properly structured to carry out your wishes for as long as possible? Does it ensure financial protection for your loved ones for multiple generations?
“You need to look into the future,” says Ted Austin, Market Leader for The Private Client Reserve. “This is your opportunity to help take care of your family when you’re no longer able, to steward your legacy for the next generation and generations to come.”
While U.S. Bank and its representatives do not offer tax and legal advice, here are some things you may want to consider when working with your advisors on the creation or administration of your plan.
Choosing a Reliable Trustee
Rather than selecting a relative or friend to manage your trust, a corporate or institutional trustee may be a better answer. “Your relative or friend is aging too, even if he or she is younger than you are, and might not be around or be capable over the long haul to step in and act when you need them most,” Austin says.