We have previously touched on the importance of trusts as a valuable estate planning device in New Jersey. Even with all of the financial difficulties encountered by the great recession and its aftermath, it is expected that the current generation will be in a position to transfer far greater wealth than prior ones. With that in mind, the notion of what constitutes an inheritance has become increasingly creative. One innovative idea focuses on travel trusts.
The idea behind a travel trust is often to expose those receiving an inheritance to cultural or religious influences. Family heritage also plays an important part in these types of bequests. A trust is created that provides funding for family vacations, reunions and even educational experiences. Because such a trust can be created with specific terms, it has potential tax benefits and can also be beyond the reach of creditors and divorce proceedings.
One Minneapolis travel firm has partnered with a local attorney to offer an estate planning opportunity for those interested in establishing a travel trust. One attorney noted that he has drafted travel trust documents for 10 clients over the past 15 years. He has also verbally passed on instructions to those receiving an inheritance or even an informal written document detailing the wishes of the person making the bequest.
Travel trusts are just one form of devising an inheritance that is both creative and serves a specific purpose. Doing so may give New Jersey beneficiaries the opportunity to travel and perhaps see a part of the world they would not otherwise have had the opportunity to visit. Those considering this type of trust as part of their overall estate plan may benefit from investigating the details and considering the usefulness in applying the trust to specific family circumstances.
Source: Greenfieldreporter.com, "Travel trusts can fund trips for beneficiaries: Where there's a will, there's 'away'," Karen Schwartz, Aug. 14, 2012
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