Whether it makes sense for someone to establish a trust

Whether it makes sense for someone to establish a trust, foundation, or take another approach to achieving his or her ultimate goals requires careful consideration of tax, charitable and other benefits and limitations each option entails. Both trusts and foundations are useful as a structure for succession planning and philanthropy. However, forming of a trust or foundation is a major decision because of the important impact on the family and community for generations to come.
Regardless of the vehicle which is being used, a thorough weighing of the options is needed with the help of experienced advisors and professionals. It is important that the trust or foundation organizational documents accurately reflect one’s charitable and estate planning goals.