If you're thinking about starting a trust to help remove assets from your estate, avoid probate, minimize estate taxes, protect your assets from creditors and provide income to your heirs and favorite causes, there are a number of important considerations you may not be aware of, including in which state you choose to establish the trust.
- One, the trust doesn't have to be established in your state
- Two, you don't have to use a corporate trustee (such as a national or local bank trust company) to manage your trust
- And three, depending on where the trust is located, you can authorize your financial adviser to manage investable assets in your trust, rather than ceding control of investment management to a bank trust company
