Step 13: Establish a Trust or Family Office
A trust or family office helps preserve your legacy and manage wealth for future generations. This structure provides stability, reduces tax burdens, and ensures your assets are protected and managed according to your long-term goals.
Why this step matters: Proper trust and family office planning provides continuity, control, and long-term protection of your wealth while minimizing taxes and promoting family governance.
Personal Layer
- Protect your personal assets through legal structures such as revocable or irrevocable trusts.
- Reduce estate and inheritance taxes through strategic wealth transfer mechanisms.
- Coordinate with estate planners and CPAs to ensure trusts align with family and tax goals.
- Define family values, philanthropic priorities, and succession guidelines within your trust documents.
Business Layer
- Use the trust or family office to own your business entities (C Corp, S Corp, or LLC) for centralized management and asset protection.
- Distribute business income through the trust for potential tax-advantaged flow-through treatment.
- Integrate business succession planning into the family trust to ensure seamless continuity of leadership and ownership.
- Maintain consolidated accounting and investment oversight for business and personal assets.