Family Trust or other vehicle
Hi,
I am new to the financial world and I would like to setup a Family Trust or other vehicle to protest assets and provide flexibility for investment and tax savings. We are looking for advice on financial structure(s) based on our circumstances:
- Current residence is Virginia
- Asset is deeded land lease of mineral rights in Texas (deed currently in my name)
- royalties are estimated to be significant over the next 5-10 years
- we have 2 minor children
- I am married and wish to have co-ownership
- I want flexibility in how we manage the "trust"
- i want protection of the assets based on personal liabilities, etc.
- want to minimize tax liabilities
Other notes: - interested in buying/building a house - want some monthly supplementary income over salaries - want some monies for some travel/vacations - may want to start a personal business in the future
I have read some about Family Limited Partnerships, Offshore Trusts, and some other more complicated vehicles over a standard Family Trust. Seems complicated.
Thanks in advance!!!
You need a good CPA my friend.
Good luck.
Why are you coming here, of all places?
I would recommend finding a fee-only financial advisor and paying him/her about $30-50/hour to walk you through the process. Either that or a good tax lawyer (you will probably need to find one anyway).
It's going to cost at least several thousand dollars to set this up- more like low five figures. Income taxes on trusts can also be rather punitive.
That is probably your best bet. Most the people on here will just tell you to send them a check and that they can take care of the rest, lol.
If it's worth doing, it's worth doing right...especially when it comes to something as potentially complicated as this. Good luck.
Regards
Send me the money and I'll take care of it.
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