We helped the 2nd generation owner of a family business create multiple irrevocable gift trusts for the 3rd and 4th generations of the family. These trusts were created to hold family business interests.
This was a unique matter because this involved creating a trust that essentially serves as a family bank. The cash in this trust can be borrowed by the children in the family who choose not to work in the family business and wish to build their own business enterprise instead.
This work also involved side letters of intent to the trustees and beneficiaries which discussed the purpose of the trusts, the behaviors the trust is hoping to motivate and the potential uses for the trust assets.
This was a unique matter because this involved creating a trust that essentially serves as a family bank. The cash in this trust can be borrowed by the children in the family who choose not to work in the family business and wish to build their own business enterprise instead.
This work also involved side letters of intent to the trustees and beneficiaries which discussed the purpose of the trusts, the behaviors the trust is hoping to motivate and the potential uses for the trust assets.
