At Gilfix and La Poll, we take great pride in our ability to serve your family and ensure its future security. This is why we created the Family Protection Trust™ (FPT), which is conceptually similar to the well-established ‟Dynasty Trust.”
The FPT is a trust you create for the benefit of your children, grandchildren, and beyond. You can gift assets to the FPT or provide for distribution of your estate to the FPT in your revocable trust.
Your child could serve as trustee of her own trust. She can decide how to invest trust assets and how to utilize them. Alternatively, someone else - another relative or professional trustee – and manage the FPT.
A benefit of the FPT is protection of inherited assets if a child endures a divorce. Assets in an FPT are segregated and do not become shared, community property assets. Over half of all marriages end in divorce. Knowing that assets you leave for your child will remain with her is comforting, indeed.
Assets in the FPT also enjoy very high level of protection in the event that the beneficiary is sued. If inherited assets are instead in your child’s name, they are fair game and can be reached by a successful litigant.
Perhaps best known is the estate tax avoidance or ‟GST‶ tax benefit of the FPT. All or most assets left in this trust for the benefit of the child will not be counted as part of that child’s estate upon her passing. This could save millions of dollars for your grandchildren and great-grandchildren.
These same three benefits remain intact for the benefit of your grandchildren.
With the family protection trust, Gilfix and La Poll can help you provide for your family’s well-being well into the future.
"We have a large estate, which is both a blessing and a worry. I agree with Warren Buffett - leaving too much money to a child can do much more harm than good. You have hosted a great family meeting where we all talked about this. The kids are now 'on board' and understand why we are leaving them much less than they expected. We now have a Family Foundation and have everyone involved. What a pleasure!"
"Our family situation is anything but simple. Our previous lawyer didn't want to deal with it. I feel that you truly listened to me and helped us put together a trust that deals realistically with my very different kids - one keeps giving her money away, one can't save a penny, and the other just keeps having problems. Amazing! I found an attorney who actually listened to me!"
Helping families with family protection trusts in San Jose, Cupertino, Mountain View, Los Altos, Menlo Park, San Mateo, Fremont, Palo Alto, Santa Cruz, Santa Clara County, Alameda County, and San Mateo County.