TRUSTS
Trusts are estate-planning tools that can replace or supplement Wills, as well as help manage property during one's life. Through the actions of a Trustee, a Trust manages the distribution of a person's property by transferring its benefits and obligations to different people. By maintaining assets in a Trust, it is often easier to minimize taxes and leave a larger inheritance. A Trust is also a way to provide a steady income to the Beneficiary over the course of time, rather than distribution in a lump sum. This strategy can reduce the Beneficiary's tax, allow the Trust to grow through investment, and keep assets free from creditors of the Trust Beneficiary. Trusts can also be established for the benefit of charitable organizations, and are used to great advantage for persons with special needs.