Estate planning – In trusts, we often trust
Abstract: Dealership owners set up trusts to protect their assets from a variety of threats, transfer their wealth to their heirs and reduce tax liability. Different kinds of trusts serve different purposes. But they all break down into two basic types: revocable, which can be revised, and irrevocable, which generally can’t be revised. This article describes the purposes of each, listing particular types. It also examines how certain trusts can benefit charities, while a sidebar discusses how a spendthrift clause in a trust can protect heirs from wasteful spending.