Trusts

Trusts

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Trusts

Trusts definition:  Trusts are legally recognized accounts owned and funded by one party but managed for the benefit of another individual. Trusts are not subject to probate. Trusts can be funded from a variety of sources, however funding from tax-deferred accounts (such as a 401k or IRA) are treated as withdrawals for income tax purposes.

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