How to Use Trusts for Long-Term Family Wealth Planning

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Trusts allow you to control how your assets are passed down, protecting wealth from creditors and divorce while potentially reducing estate taxes. By setting up a revocable living trust, you avoid probate; an irrevocable trust might remove assets from your taxable estate entirely. For long-term planning, consider a dynasty trust to skip generations and keep wealth in the family for decades. The key is picking a trusted trustee and clearly outlining distribution terms—like age-based payouts or i…