What Are Some Of The Protections That A Trust Will Offer?
It depends on the type of trust. There is what is called a spendthrift trust, where a creditor of a beneficiary cannot get into the trust in order to obtain payment for a debt that might be owed by a beneficiary. The other main reason that people use trusts is to try to avoid inheritance taxes. By putting money in a trust, you can delay the payment of some inheritance taxes.
How Do You Fund A Trust?
It’s really up to you. You can liquidate personal assets and put them in a trust; you can set up a trust in your will where a certain portion of your assets might go into a trust or maybe to your children. If you don’t fund the trust, then there’s no trust, so there is no advantage to having one.
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