Add a Trust to a Household
In Asset-Map, a Trust is an "Entity" that can be added when first creating a household manually or anytime thereafter by choosing the "Entity" option in the Actions menu on a Household.
Attributes of a Trust
There is no difference in the financial or technical behavior of a Revocable Trust or Irrevocable Trust in the platform.
The features that differentiate the two trust types are the category listing and the avatars that represent them: revocable = open lock, irrevocable = locked.
A trust can be added and is displayed on the Member & Entities page in the Entities section.
A trust can be displayed on the
Beneficiaries page
Policy Summary page
Balance Sheet page
Notes page if notes are added on the Trust's Notes tab
Asset-Map page
Assign financials to a trust as desired (assets, liabilities, insurance, cash flows).
A trust can be designated as a Beneficiary from the Details tab of a financial.
A trust can be assigned as a guardian/controller of an asset from the Guardian/Controller picklist of a financial.
Nesting entities (one trust controlling another entity like an LLC or other trust) is currently not possible. Enter the owned entity as an asset with a dollar value instead.
Link Assets on Trust to Member(s)
We provide an option to link a trust's assets to a member (or members) to replicate the assets on those members. This does not multiply the value of the asset. It displays the asset(s) on the Member as a yellow colored tile.
Trusts and Taxes
Taxes on assets held by trusts are not calculated. If any taxes need to be considered, you may use Target-Maps to modify the Loss to Tax percentage on the asset to discuss tax advantages in estate planning.
8/2021