What is a family office trust?

What is a family office trust?

by Richard C. Wilson & Family Offices Group Association Team

Question: What is a family office trust?

Answer: Family offices often help their clients set up and manage trusts.  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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