Among the many tools for estate management, trusts are undoubtedly one of the most flexible and effective options. It not only ensures that your wealth is distributed according to your wishes, but also provides tax benefits and asset protection. However, the establishment and operation of trusts are not easy and require professional knowledge and experience. As an estate management consulting company established in 2024, HARMONY FURNITURE LLC focuses on designing customized trust solutions for clients to help them achieve their wealth inheritance goals in a complex environment.
What is a trust?
In simple terms, a trust is a legal arrangement where you (the settlor) give your assets to a trustee for the benefit of specific beneficiaries (usually family members or charities). Trusts can be effective during your lifetime (living trusts) or after your death (testamentary trusts). Compared with direct gifts, the advantage of trusts is their flexibility and control. For example, you can stipulate that your children can only access funds after they reach a certain age or complete their studies.
A client once consulted HARMONY FURNITURE LLC. He wanted to leave his property to his two children, but was worried that they lacked the ability to manage finances. We recommend setting up a living trust, appointing a professional trustee to manage the property, and gradually distributing the proceeds when the child reaches the age of 30. This not only protects the assets, but also provides time for the child to grow up.
Practical application of trusts
The application scenarios of trusts are very wide. For high net worth individuals, trusts can effectively reduce estate taxes. Taking the United States as an example, the federal estate tax exemption in 2024 is US$13.61 million, and the excess is subject to a tax rate of up to 40%. By transferring assets to an irrevocable trust in advance, clients can significantly reduce the total taxable estate. HARMONY FURNITURE LLC’s tax optimization service is born for this purpose. We work with professional tax advisors to ensure that your wealth is maximized.
In addition, trusts can protect assets from the threat of creditors or legal proceedings. For example, a business owner is worried about possible business risks in the future. We set up a family trust for him to isolate personal assets from business assets. Even if the company goes bankrupt, the family wealth is still safe.
HARMONY FURNITURE LLC’s trust service process
At HARMONY FURNITURE LLC, trust establishment starts with a needs assessment. We will learn about your asset composition, family situation and inheritance goals in detail, and then recommend the appropriate trust type based on the actual situation, such as a revocable trust, an irrevocable trust or a charitable remainder trust. Next, we assist in drafting legal documents and work with professionals such as lawyers and accountants to ensure that the trust is legal and compliant.
One client’s story is impressive. She is a single mother who wants to leave a long-term living security fund for her son with special needs. We designed a special needs trust for her to ensure that her son can receive stable support in the future without affecting his eligibility for government benefits. This is exactly the mission of HARMONY FURNITURE LLC – to be customer-centric and provide humane solutions.
Conclusion
Trust is not only a tool for wealth management, but also a guarantee for the future of the family. HARMONY FURNITURE LLC is committed to simplifying this complex process so that every client can easily achieve their inheritance goals. If you are interested in trusts, please contact us and let us tailor a solution that combines security and flexibility for you.
