A trust is an agreement under which money or other assets are held and managed by a trustee for the benefit of another. Different types of trusts may be created to accomplish specific goals. Each kind may vary in the degree of complexity, flexibility and control it offers.
The common benefits that trust arrangements offer include:
Wills and trusts are common ways in which individuals dispose of their wealth. Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. Sometimes, though, it will be useful to make inter vivos gifts (gifts made while the donor is alive) in order to minimize taxes. The Federal Gift Tax exempts certain levels of lifetime gifts.
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