A trust is a separate legal entity (think “corporation”) set up to serve particular purposes. They include saving taxes, protecting funds from creditors or spendthrift beneficiaries, and controlling how the money is used. Commonly, trusts are included in a Last Will and Testament to provide support for a spouse and/or children. Another common trust is known as a living trust which is set up while the owner of the trust is alive. Although an expensive trust document to prepare, such a trust does have certain advantages such as maintaining privacy and expediting the transfer of real estate in more than one state.
No comments:
Post a Comment