Using Trusts to Help and Protect
You and Your Family

Executive Summary

Effective estate planning recognizes risks that threaten you and your family’s wealth and helps develop strategies to minimize them. It is much more than addressing transfer taxes. We review 10 ways a good trust and estate plan can help you navigate life’s challenges.

Key Points

  • Disability - If you or a loved one becomes disabled or has special needs, a trust may be particularly effective in addressing the day-to-day tasks of bill paying and asset management. Certain trusts may provide funds while allowing for government benefits.
  • Second marriage - Marital trusts can provide adequately for the new surviving spouse while safeguarding that children from a prior marriage receive their intended inheritance.
  • Divorce - A trust can confirm that assets intended for your children or grandchildren do not wind up in the hands of a divorcing spouse.
  • Family dynamics - Trusts may help your family receive the inheritance you want them to have, in the order you want, at the time of your choosing, and in the disbursement manner you wish.
  • Creditors - A trust can help shield assets in the event of claims resulting from accidents, business failure, or professional malfeasance.

Conclusion

Planning for the minimization of taxes is a critical part of every wealth management plan. Trust and estate plans can also address a myriad of nontax issues that, if left unaddressed, may hinder wealth and well-being.

"Can you name 10 things that might unravel your estate plan?"


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The PNC Financial Services Group, Inc. (“PNC”) uses the marketing name PNC Center for Financial InsightSM to provide wealth planning education to individual clients through its subsidiary, PNC Bank, National Association (“PNC Bank”), which is a Member FDIC.  Securities products, brokerage services, and managed account advisory services are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member of FINRA and SIPC. Insurance products may be provided through PNC Insurance Services, LLC, a licensed insurance agency affiliate of PNC, or through licensed insurance agencies that are not affiliated with PNC; in either case a licensed insurance affiliate may receive compensation if you choose to purchase insurance through these programs. A decision to purchase insurance will not affect the cost or availability of other products or services from PNC or its affiliates. PNC does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC does not provide services in any jurisdiction in which it is not authorized to conduct business. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”). Investment management and related products and services provided to a “municipal entity” or “obligated person” regarding “proceeds of municipal securities” (as such terms are defined in the Act) will be provided by PNC Capital Advisors, LLC, a wholly-owned subsidiary of PNC Bank and SEC registered investment adviser.

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