Family Gifting Trusts
A family gifting trust is an irrevocable trust designed to receive and hold gifts of property. The beneficiaries are usually family members of the settlor, but can be other persons if desired. The settlor removes all of his or her rights or ownership to the assets once they are transferred into the trust, effectively removing the assets from the settlor’s taxable estate. These assets can include businesses, cash and investment assets, and life insurance policies.