Instill family values with a FAST
You create an estate plan to meet technical objectives, such as minimizing gift and estate taxes. But it’s also important to consider “softer,” yet equally critical, goals. These may include educating your children on how to manage wealth responsibly or promoting shared family values and encouraging charitable giving. A family advancement sustainability trust (FAST) is one option to achieve these goals. Typically, FASTs are created in states that 1) allow perpetual trusts, and 2) have directed trust statutes. A directed trust statute makes it possible for both family members and trusted advisors to participate in governance and management of the trust. Contact us for additional details.
