December 10, 2013
A trust can be an effective tool for carrying on the values and causes most important to you — not just into the next generation, but potentially three or more generations out. The Private Client Reserve’s Sally Mullen, Bob Webster and Gary Westeen sat down to discuss how you can “think big” when it comes to trusts and estate planning.
How can clients use their trusts to help carry their values into future generations?
Mullen: Because every trust is a customized document crafted with the client’s attorney, it provides the opportunity to create a unique estate plan that can provide for the grantor’s family and community, and perpetuate his or her values into the next generation. Subject to certain requirements that are addressed in all trust documents, a trust can be a reflection of the grantor and allow him or her to influence the next generation for years to come.
Webster: I recently worked with a client, the patriarch of his family, who wanted to keep his lake cottage in the family. He saw the cottage as an opportunity for the family to come together and experience fellowship. It was important for this cottage to remain in trust for future generations, with assets to ensure its maintenance. This patriarch wanted everyone to enjoy the cottage, regardless of where the kids lived or whether they had the ability to keep it up. He had an attorney draft a trust that helped him with his goals.