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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
July/August 2022
Trusts: Helpful Planning Tools
You may think you have to be very wealthy to include a trust in your estate plan. But even individuals with modest assets may find trusts to be useful for providing more control over how and when assets are distributed to beneficiaries. Here is a brief overview of some of the estate planning objectives you can accomplish using a trust.
Distribute Assets Over Time
You can control how assets are passed to loved ones who may lack financial experience by setting up a trust designed to distribute assets in stages instead of in a lump sum. Alternatively, a trustee may be instructed to ensure that distributions are used only for essential needs.Ensure Privacy
Placing assets in a living trust allows you to avoid the probate process and transfer assets to beneficiaries privately.Prevent Unintentional Disinheritance
In blended families, a trust can be used to distribute assets to a decedent’s biological children following the death of the second spouse.Provide for Disabled Children or Relatives
A special need trust can ensure that assets benefit a disabled beneficiary without causing a loss of government benefits, such as health care and housing.Appoint a Financial Fiduciary
Couples or individuals without children or other family may want to set up a trust and appoint a trust company to manage their financial affairs should they become unable to do so.Give to Charity
You can use a trust to make charitable donations while still providing for loved ones. There are many ways to structure a trust. Be sure to consult an attorney who specializes in estate planning for guidance.1-05268965
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