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Accessibility

While flexibility and creditor protection are necessary, they are of little use to your family if they are denied access to the property in the Family Income Trust. The Family Income Trust is designed to provide your children and grandchildren with nearly complete access to the Trust assets. Distributions can be made by the trustee to all of the beneficiaries that you choose, for their health, support, maintenance and education. These are broad terms indeed. Education, for example, is defined to include tuition at all levels from nursery school through post-graduate education, as well as private tutoring, sports and music lessons, standardized test enhancement programs, travel and much more.

As you can see, the trustee holds significant power over the Family Income Trust. Matters concerning investment of Family Income Trust funds and distributions of assets are the primary responsibility of the trustee. Because distributions are limited to the standards set forth in the preceding paragraph, your children and later, your grandchildren, may act as trustees even though they will also be the beneficiaries of the trust. However, in order to keep the property in your Family Income Trust from being taxed in your estate at the time of your death, neither you, nor your spouse if you are married, may act as trustee.