First Person: How a Trustee’s Bad Credit Affected the Family Business

When Grandpa placed the family business in trust 60 years ago, his intent was pass the reins of a long-standing business on to his two sons. The advantages of placing a family business in trust is that the trust assets are not part of the estate when the owner dies. This minimizes estate taxes and makes it possible for the business to transition smoothly from one generation to the next.