In his latest contribution to Biz Monthly, Gary Altman discusses the increasing popularity of using trusts to gift travel to heirs.
With younger generations are showing an affinity towards travel and leisure over material goods, Altman says that many parents and grandparents are “looking for ways to foster more meaningful giving experiences.”
Some examples include:
- Funding a loved one’s dream trip
- Facilitating family visits/reunions that might not otherwise occur because of geographical distances
- Providing funds to support studying abroad
- Supporting philanthropic work in a third-world country
- Encouraging children/grandchildren to become acquainted with their roots by visiting the homeland of ancestors
Altman points out that one of the major benefits of gifting travel vs. gifting money outright, is that it protects against the misuse of funds – an heir blowing the money on an expensive new sports car, for example. Trusts can also shield assets from creditor/divorce and offer some tax advantages.
Read the complete article “Going Worldwide: Gifting Travel to Heirs” here.