There are several tax characteristics of trusts, including gift taxes, property taxes, and more. This blog explains the different facets of taxes regarding trusts, highlighting the differences when the type of trust differs.
Trusts allow the persons who create them to exercise control, make certain that a person's assets pass to the desired persons, and more. Click here to read more regarding the utility of having a trust.
In order to avoid probate, your trust must be funded with assets, generally your real property. This is generally accomplished by transferring the real property into the trust by way of a grant deed or a quit claim deed recorded in the county that the real property is located in.