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Trust

What is a Trust?

A trust is a legal arrangement where a person or people (called the trustees) manage money, assets, or property for the benefit of others (called the beneficiaries).

It is often used to protect family wealth and provide for children or dependents.

The income in a trust is taxed at 45%. If income is distributed to beneficiaries, it's usually taxed in the beneficiary's hands (at their personal tax rates).