Wealth planning is a constantly evolving process over a lifetime therefore the earlier you start, the better. Wealth plans should be reviewed regularly, especially upon major milestones, significant life events and changes in the economic, tax and legal environments.

At its core, a trust is simply a legal relationship in which an owner (grantor) transfers assets (such as stocks, bonds, cash, real estate, artwork, insurance policies, etc.) to another party (trustee) who administers the assets for the benefit of other people or charity (beneficiaries). A trust is often the foundation of a comprehensive wealth plan.

Choosing a trustee to hold and administer the assets of your trust, and upholding the terms specified in the trust agreement for the beneficiaries, is an important consideration. You may also want to consider which family members, close advisors and/or professional(s) have the experience, time and ability to take on the personal liability associated with the responsibility.

No matter what type of trust you want to establish, you will generally need to consider what assets to place in the trust, identify your beneficiaries, determine the provisions of your trust, and select your trustee(s).

Where you and your family live and where your assets are located may impact your wealth and legacy, particularly if there are ties to the US, For example, the inheritance you leave family members who are deemed “US persons” under US tax regimes can be subject to US taxes. In addition, certain assets located in the US, such as a vacation home and any artwork displayed therein can be subject to US transfer taxes, depending on how they are owned. Effective wealth planning strategies can address these and other multi-jurisdictional tax concerns.