A trust fund shelters a person's assets from probate and allows them to choose how and when their assets are distributed to their heirs.
Depending on the type of trust fund, one or more of these parties may be responsible for paying income taxes and/or estate taxes.
A revocable trust can be altered throughout the grantor's life, while an irrevocable trust cannot.
In some revocable trusts, a single person can act as the grantor, beneficiary, and trustee during their lifetime.
If the income beneficiary is a charity, the trust will receive an income tax deduction.
Persons:
perpetuities