A family trust is an investment structure that can offer the following benefits:
- Flexibility to distribute income among the beneficiaries
- Potential tax efficiency
- Offset costs related to beneficiaries for expenses like private school and extracurricular activities
- Reduction of probate fees in an estate
- Ongoing control of an asset or investment
Depending on your situation, significant income splitting and possible tax savings can be realized when a trust is structured, funded, and invested properly. Wealthy families often use a family trust to offset the cost of private school, extracurricular activities and other costs related to their beneficiaries.
Tax planning and beyond
The advisors with the Mackie Wealth Group and the in-house Tax and Estate Planning professionals within Richardson Wealth have significant firsthand knowledge and expertise working with family trusts and can help you determine whether setting up a Family Trust is right for you.
Our group prides itself on understanding the needs of Canada’s affluent families and provides personalized wealth management strategies designed to address tax, estate, insurance, philanthropic and succession needs to help utilize their wealth to achieve their goals.
The Mackie Wealth group takes careful consideration of your personal financial and life goals to recommend the appropriate strategy for your unique situation. The Family Trust structure is complex and it is important to be aware of the costs involved for implementation and ongoing management of the trust. The family will need to engage their personal legal and tax professionals for advice. The Mackie Wealth Group works with families with children attending local Calgary-based private schools and has helped them set-up family trusts for this purpose.
Contact us to receive a copy of our Family Trust report and to setup a meeting with our team to discuss whether setting up a family trust makes sense for your financial situation.