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API Legacy Trust
Secure your Future: Long-term Generational Planning
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How it works: A Legacy trust is a type of trust specifically designed to allow assets to be used for the benefit of multiple generations, while keeping the assets out of the grantor's and the beneficiaries' "taxable estates". The generally accepted time period of a Legacy Trust is 99 years + 21 years after the last beneficiary.
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$3,750 API Legacy Trust Benefits:
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Tax Advantages: Only after funds and/or assets are transferred into the Trust, can beneficiaries pass them to the next generation without those assets being subject to estate, GST, or gift taxes.
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Asset Protection: A Legacy trust also protects assets for a long(er) duration of time. Creditors and Divorce courts cannot go after the assets held within the trust.
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Irrevocable: A Legacy Trust is an irrevocable trust, meaning it cannot be changed or revoked. You, as the grantor, will have the ability to set the rules. Once the trust is completed, it cannot be altered. It is critical to make sure your trust is setup very carefully.
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A Trust for the Future: Some states have lifted the rule against perpetuities meaning that some trusts can last more than one generation.
The Legacy Trust is a great tool for multi-generational wealth, but does require a great deal of planning for future needs.
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The information contained on this page is intended to help small entities comply with the beneficial ownership information reporting rule promulgated by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). * This page is explanatory only and does not supplement or modify any obligations imposed by statute or regulation. Additionally, this page does not supersede more recent guidance documents issued by FinCEN. For additional information, consult The Reporting Rule, which implements Section 6403 of the Corporate Transparency Act. The rule describes who must file a BOI report, what information they must provide, and when they must file the reports. The Reporting Rule is found at 1010.380 in title 31 of the Code of Federal Regulations (CFR).