A Trust is a relationship where a person (called the Trustee), holds and controls property for the benefit of another person or persons (called the beneficiaries). Trusts are one of the most flexible tools in estate planning, and can be used not only to benefit a person while maintaining restrictions on the use of that benefit, but also to minimize tax liabilities.
Trusts can be established both during your life (an inter vivos Trust), or upon your death by establishing it in your will (a Testamentary Trust). Trusts can be made both for the benefit of friends and family, and for charitable purposes.
Because Trusts have been abused in the past to illegitimately avoid taxes and creditors, the rules and formalities of Trusts are onerous and complex. A carelessly settled Trust can easily be collapsed, or its earnings taxed at the highest income tax rate. Our lawyers can assist in navigating the intricacies of Trust Law, helping you plan and structure a Trust customized to your needs, and helping you give legal effect to your intentions.