We’ve all seen the movie scene where a family gathers in the lawyer’s office for the reading of the will. This scene, a tradition from older times, is no longer necessary or required and only serves the purpose of creating drama or a scene for television. In reality, however, although most people believe that their ... more
A trust is a legal relationship created to hold and invest property for the benefit of one or several others (the “beneficiaries”). The person transferring property to the trust is known as either the “donor”, “settlor”, or “grantor”. With a trust arrangement, property is transferred to one or more persons (the “trustee” or “trustees”) who ... more
Advantages of Using a Trust Tax advantages Many trusts are designed to produce significant tax advantages for either an individual, their estate or the beneficiaries. However, even where a trust is not intended to produce a tax benefit, it may help a person save (or defer) the high cost of income, estate or gift taxes.