How do I establish a Trust that is in line with my, and my family’s, specific needs?
Depending on a number of circumstances, trusts may be established orally,
in writing or by conduct. Most trusts involve a number of technical legal concepts
relating to ownership, taxes and control. A lawyer can assist in explaining
options, considering contingencies and preparing documents.
Dependency exemptions, capital gains and losses, income, gift, estate and generation-skipping transfer taxes also should be considered when planning certain types of trusts. Likewise, you may want to think about naming alternative or contingent beneficiaries and trustees.
Once a trust has been established, a periodic review of the status of the trust is advisable; you may want to obtain professional assistance appropriate to the requirements of the trust.
Trusts Definitions provided by http://www.wsba.org/media/publications/pamphlets/trusts.htm
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