There are many kinds of trusts, some of which have very specific purposes for estate tax or income tax planning. Most of these types of more exotic trusts are directed at preserving extreme wealth. For most of us, these types of trusts are not relevant, and this firm is not involved with those types of trusts. The federal estate tax exemption is now $11.4 million for an individual and $22.4 million for a married couple (as of 2019). If you are in a position of needing an estate plan for tens of millions of dollars of wealth, then you should find a firm which bases its practice on tax planning for those types of high net worth individuals.
When most people (other than those mentioned in the prior paragraph) refer to a trust, they are referring to a revocable living trust. A revocable living trust is created with a document called a Trust Agreement. A trust agreement provides that the person creating the trust (“settlor”) is transferring assets to a person to be in charge of the assets (“trustee”), for the benefit of others (“beneficiaries”). The trust agreement contains all of the rules which must be followed in administering the trust.
Learn more about Trust Poroperty.