Family Trusts Really Help!
You must have heard of big corporate houses setting up family trusts. This certainly indicates there are benefits for them in doing so. One of the greatest benefits is the large tax deduction they get - the entire asset gets written off when it is put in the trust. Also, it helps protect the asset from creditors. Some corporate houses do it just so that the asset can continue providing for the family when they are no longer there. It may really help because future generations may not be able to carry on the mantle and setting up a trust for them may greatly help.