How Trusts Can Help Your Cannabis Company | Business Succession Planning with Trusts
Understanding how a trust can help with your business succession is key to assuring your financial stability, both in planned transitions and unplanned transitions of your business.
You may be looking ahead to retirement and wondering how best to transition out of your business and smoothly turn it over to a successor or want to ensure that at your death your legacy continues.
Start anticipating the future of your business. Here is all the information you need to start planning your business succession with trusts.
What is a Trust
Before understanding how business succession planning with Trusts works, you have to know what a trust is.
A trust is a fiduciary arrangement that allows a third party, called a trust, to hold assets on behalf of one or more beneficiaries.
The terms of a trust decide exactly when and how the assets that have been placed into a trust, which is referred to as “funding the trust”, will pass to the named beneficiary or beneficiaries of the trust.
Parts of the trust:
A trust generally consists of the following:
A Grantor: The One To Create The Trust.
A Trustee, Acts As The Legal Owner Of The Assets That Are Placed Into The Trust. The Trustee Has Other Important Duties, Such As Filing Taxes For The Trust, And Distributing The Assets Of The Trust In Accordance With The Terms Of The Trust. You Can Have More Than One Person Act As Trustee, Choose Your Trustee Wisely
One Or More Beneficiaries: The Person Or Group Of People That The Trust Is Meant To Benefit. The Beneficiary Of The Trust Does Not Have To Be A Person, It Can Be A Business Or Even A Charitable Organization.
Trust Assets: Are What Is Used To Fund The Trust, Whether It Be Cash Or Real Estate Or Anything Else Of Value.
Purpose: The Intent Behind Creating It, Whether It Be Tax Avoidance, Creditor Protection, Asset Management Or Another Purpose.
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