Secure Your Child's Future with a Minor Trust
Establish Financial Security for Your Minors Today
Setting up a minor’s trust can help ensure the long-term security of your child or younger loved one. These types of trusts allow you to leave your property and other assets for your child or young relative while ensuring that the trust is properly handled by a designated trustee until the child is 18 or older.
Legacy Enhancement can administer your minor's trust, providing professional management and investment with exceptional care and attention. We can assist in avoiding gift taxes, determining an age at which the trust funds may become available to your child or loved one, and guiding you throughout the process.
Schedule your free consultation with us to learn more; call (888) 988-5503 today. We are proud to serve clients across the country.
Understanding Minor Trusts: Essential Information for Parents
“Trusts for minors,” or minor’s trusts, are particular types of trusts used to hold and distribute property or assets to minors. They typically provide instructions that the money or property assets will be held in trust until the minor reaches the age of majority.
A minor trust can help ensure the financial security of a young relative after you pass away. Since we cannot know how much longer we have with our loved ones, it’s in our best interest to plan for the distribution of our estates as early as possible. With a minor trust, you may leave your property and other assets to your young relative under the age of 18. The trust will help ensure your assets are correctly handled until the beneficiary is 18 or older.
Are you looking to learn how to set up a trust for a minor? Call Legacy Enhancement Trust today at or contact us online to get started!
Key Advantages of Establishing a Minor Trust
The benefits of a minor trust include, but are not limited to, the following:
- You can rest assured knowing your property and financial assets will be distributed appropriately to the minor until they come of age.
- You know that your minor’s future will be a financially stable one.
- You can determine what will happen with the assets in the trust should the beneficiary pass away.
- You may be able to avoid gift taxes on the trust.
It’s appropriate for people of any age to begin the estate planning process, including establishing a minor trust for young relatives. Doing so will provide peace of mind, knowing your loved one’s future is secure, even after passing away.
How Legacy Enhancement Supports Minor Trust Management
Legacy Enhancement can help you through the various steps of establishing a minor's trust and assisting in the maintenance and administration of that trust. Our team focuses on establishing trusts for those living with disabilities and special needs. We offer many of the same services as large financial organizations, but we provide a level of tailored service they cannot match.
As the custodian of a minor's trust, Legacy Enhancement can:
- Manage financial distributions for minors
- Help determine when beneficiaries will receive funds
- Help determine how funds will be allocated
- Work with you to create necessary trust documents
- Manage trust investments on your behalf
- Assist with 2053(c) trusts to avoid gift taxes
- Determine what will happen to the trust should the minor pass away
Explore More About Minor Trusts
- Why Start a Minor Trust for Your Child?
- Protecting Your Child's Financial Future with Minor Trusts
- Comprehensive Guide to Minor's Trusts
Get Started with Your Minor Trust Today — Contact Legacy Enhancement Trust!
What Expenses Can a Minor Trust Cover for My Child?
A minor trust provides a financial safety net for children by covering essential and discretionary expenses. These can include educational costs like tuition, books, and extracurricular activities, healthcare needs such as insurance and medical treatments, housing costs including rent or maintenance, and other necessities like food, clothing, and transportation. The trustee ensures the funds are used according to the trust document, aligning with your child’s best interests while maintaining proper financial stewardship.
Can I Change the Terms of a Minor Trust After It’s Created?
In certain situations, the terms of a minor trust can be modified. The ability to make changes depends on the trust's type (revocable or irrevocable) and the language included in the trust document. Legacy Enhancement specializes in navigating these adjustments, offering expert guidance to ensure any changes meet legal requirements and align with your goals. Whether you need to alter the trustee, beneficiaries, or fund distribution terms, Legacy Enhancement Trust can provide a roadmap for updating your trust seamlessly.
Is There a Minimum Amount Required to Establish a Minor Trust?
Although there’s no strict minimum to create a minor trust, it’s crucial to weigh the trust's value against its administrative costs. Factors like the complexity of management and potential growth of the trust’s assets influence this decision. Legacy Enhancement can assess your unique situation, helping determine whether establishing a minor trust aligns with your financial planning goals. With professional advice, you can ensure the trust provides meaningful benefits without unnecessary financial burdens.
