Quote:
Originally Posted by HerRealName
It sets up a new legal entity so it shifts income and asset ownership entirely to the trust. There is a lot of flexibility possible with creating a trust so Trustees and Beneficiaries are highly customizable. Irrevocable Trusts are high risk though, once they're set, they're locked. I've seen some crazy situations but mostly around agriculture/land.
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Thanks. Far outside of my wheelhouse
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