A trust usually forms a critical part of one’s estate plan. For example, it is often used to transfer: Family wealth to the younger generation in a tax efficient manner; Interests in family businesses; Property in a way that protects a beneficiary from his or her otherwise unfettered spending; Property so that it is protected from a beneficiary’s creditors; and Property so that it is protected in the event of divorce. Broadly speaking, there are two types of trusts, i.e., revocable and irrevocable. A revocable trust can be amended or revoked by the grantor – the person who set up… Read more