Of course not! But it is true that it is very difficult to find a trust company willing to take in small business although I know of one that is willing to take in a trust size as small as $1000! However, I will only be able to introduce the trust company to clients who did they financial planning with me as I have no wish to make any recommendations unless I have done a comprehensive due diligent.
Most financial advisers do not know anything about trust and so they do not recommend it. Even if they do know about it, they will not recommend it because the commissions for setting a trust pales in comparison to selling say an ILP that can generate a commission of more than $12,000 upfront. The commission for setting up a trust is relatively smaller compared with an ILP and is not worth the time explaining. Many not-so-rich individuals have been denied of suitable products and services all because of that silly commission. I am not rich at all but my wife & I do have a rather complex testamentary trust and it did not cause me to go bankrupt.
Like this article? Subscribe to my newsletter below for more.