Protecting Your Assets, Save Tax
At Chancery Chambers, our lawyers help clients create trusts to complement their wills, in order to protect their assets from taxation and to safeguard the assets for the family. The number and types of trusts we recommend for each client typically correlate with the type and amount of an individual's assets. There are many kinds of trusts and descriptive labels for them:
- Living trusts
- Testamentary trusts
- Family trusts
- Discretionary trusts
- Joint spousal trusts
- Offshore trusts
- Asset protection trusts
- And two dozen other kinds, depending on their flexibility, protection of intended beneficiaries, scope, jurisdiction, control, mandate and purpose.
White Rock South Surrey Living Trust and Testamentary Trust Lawyers
A living trust is a powerful tool for preserving capital, accumulating wealth and maintaining control over valuable assets dedicated to your heirs, beneficiaries or charities. While your living trust is not part of your will, your will may contain testamentary trusts. Together, your living trust, testamentary trusts and your will reflect your wishes for the management and distribution of your assets after death. Some of that protection is minimizing the heavy tax burden.
Do I Need a Testamentary Trust and a Family Trust?
Although both testamentary trusts and family trusts may have similar features, it is important to have one of each. The family trust provides strong protection while you are still alive, while the testamentary trust can provide more effective protection for your assets upon your death.
To learn more, contact our White Rock South Surrey and Vancouver area trusts lawyers at 604-800-5349 or toll free at 866-974-3708 to schedule a consultation today. We serve clients throughout the Lower Mainland of British Columbia, South Surrey, Langley and Abbotsford; and Edmonton and Calgary, Alberta.
