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Family Trust is a legal arrangement in which a person, known as the settlor, transfers assets (such as money, real estate, or investments) to a trust that is managed by one or more trustees for the benefit of designated beneficiaries. The beneficiaries are typically family members, such as a spouse, children, or grandchildren.
In Nova Scotia, Family Trusts can be established as either an Inter Vivos Trust (created during the settlor’s lifetime) or a Testamentary Trust (created upon the settlor’s death through their Will). Family Trusts can offer various benefits, including:
1. Tax planning: A Family Trust can help minimize taxes under very specific circumstances and mostly in the case where there is a sale of an active business owned by the trust.… [Read more]