How to Use Trusts for Long-Term Family Wealth Planning

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Trusts can be powerful tools for passing wealth across generations, but they require careful setup. You'll want to choose between revocable trusts for flexibility during your lifetime and irrevocable ones for asset protection. Each type has specific tax implications and control levels. Many families use dynasty trusts to avoid estate taxes at each generation, or sprinkle trusts to manage distributions among descendants. The key is working with an attorney to align the trust structure with your…