First, how do we define Support Trust? It’s pretty straightforward: a kind of trust where the trustee is directed to provide dollars for the support–however “support” may be defined in the trust document–of one or more beneficiaries. A typical definition of “support” is health, education, maintenance and support, referred to by the legal community as HEMS. The creator of the trust is free to define “support” as broadly or narrowly as he/she sees fit.
A support trust can be mandatory (specific dollars for specific purposes at specific times) or discretionary (the trustee is given a specified degree of latitude in determining when, how much and for what purposes a beneficiary is to receive trust dollars).
Golden Fiduciary Services has a number of Support Trusts for beneficiaries across a wide range of ages and circumstances. Due to prfound demographic changes in this country, an ever-growing subset of support trusts is for the so-called aging population. A typical example would be dollars left in trust by a deceased spouse for a surviving spouse.
It is no secret that our population is aging. The number of older persons is growing faster than any other age group. In 2000, for the first time in history, there were more people over 60 than children under 5. On January 1, 2011 the oldest members of the Baby Boom generation celebrated their 65th birthday. In fact, on that day, and every day for the next 19 years, 10,000 baby boomers will reach age 65 (Pew Research).
Golden Fiduciary’s skill set includes helping people with a wide range of life issues: from housing to transportation to caregivers, as well as bill paying and age-appropriate investments. We find ourselves increasingly called upon to assist those in the aging portion of our population who have a support trust and are in need of these trust services.
We would be delighted to speak with individuals and their family members about how we might provide support trust services.