Trusts are an important component of estate planning and are created for a variety of reasons including tax planning, business succession planning, protecting beneficiaries from their own problems, protecting assets from creditors and privacy concerns. We have a variety of statutes in New York State that provide for default rules governing trusts. As well, federal regulations from the IRS come into play. I thoroughly enjoy helping clients determine if trusts may be appropriate for them given their particular situation.
That's why I enjoy reading books like the one pictured, "Fundamentals of Trust Accounting Income and Principal Rules" by Seymour Goldberg.
My fun reading!