Trust Fundamentals: A Practical Primer for Tax Practitioners

Trusts can be among the most useful instruments available to the tax, financial and estate planner — and they may be created for a variety of reasons, some of which relate to performing functions and providing protections for the beneficiary, and others of which relate to saving income and estate taxes or avoiding probate. Unfortunately, many tax and accounting professionals have only limited formal knowledge about the roles, types and uses of trusts — even though they are becoming increasingly popular vehicles to transfer and protect wealth and are becoming more commonly encountered in general tax practice.