a question of trust: not just for the wealthy

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danny lohrfink is the co-founder and chief product officer of wealth.com. previously, he was business lead of sofi’s wealth management division, sofi invest, and held several roles at goldman sachs private wealth management, including vp on the pwm management team.

by danny lohrfink 
the holistic guide to wealth management

contrary to popular belief, a person’s net worth is not the only – or most important – factor when deciding if a trust is appropriate for them. after all a trust is simply an agreement between someone who owns an asset and a trusted person whom they choose to hold and manage that asset for them.

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this common misconception that trusts are only for the wealthy has long prevailed as a leading narrative because of the historically high costs associated with establishing and managing a trust. these costs presented a barrier for many individuals who lacked the financial resources to hire an expensive estate planning attorney. the result was that only the wealthy had these vehicles because they were the only people who could afford them.