A trust is typically used for minimizing estate taxes and can offer other benefits. It is an arrangement with a third party, or trustee, that allows them to hold assets on behalf of the beneficiary. A trust can specify when and how the assets will be passed to the beneficiary. Benefits of a trust include:
- Control of wealth
- Privacy and probate savings
- Protection of your legacy
An estate comprises everything that contributes to the net worth of an individual. This includes land and real estate, personal belongings, cash, investments, furnishings, etc.
A funeral expense trust can give you the peace of mind that comes with knowing your final arrangements are taken care of while lessening the financial burden for your family. A funeral trust is a unique strategy that allows you to set aside money that can be used to pay final expenses, pass money to your heirs tax free and help provide additional income in a time of need.
There are various factors to consider when purchasing a funeral trust. Since trust laws vary by state, get in touch with your local Game Changing Benefits agent to see how a funeral trust can benefit you and your family.