The rich can use trusts to devote millions to pets, art collections, and even cryogenic freezing.
Lawyers to the uber-rich told Insider how purpose trusts work and how to plan for centuries ahead.
Fortunately, there is a workaround: purpose trusts.
Trusts are well-known as a tool for saving millions on taxes, but purpose trusts are seldom used to pay less to Uncle Sam.
Here is how purpose trusts workPurpose trusts are not absolutely necessary to make sure your pets are cared for after you pass, Yadav told Insider.
Persons:
Leona Helmsley, Naomita Yadav, Uncle Sam, Yadav, perpetuities, Neil Solarz, Weinstock Manion, Solarz, that's, Samantha, someone's, Shepherd
Organizations:
Siberian huskies, huskies
Locations:
Withersworldwide, California