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Trusts have often been used to help protect assets from estate taxes, but fewer estates are subject to federal estate taxation since the exemption rose to $5 million in 2010 with annual inflation adjustments. (The 2014 exemption is $5.34 million, or $10.68 million for married couples.) Even so, a trust can offer other benefits, such as sparing heirs the time-consuming and costly probate process and protecting assets so they will be distributed according to your wishes.

Legal Control of Assets

A trust is a legal arrangement under which one person or institution controls property given by another person for the benefit of a third party.