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Tax planning: The tax consequences of doing anything using a trust are usually different from the tax consequences of achieving the same effect by another route (if, indeed, it would be possible to do so)
from the top result below
https://en.wikipedia.org/wiki/Trust_law
This may be done for tax reasons or to control the property and its benefits if the settlor is absent, incapacitated, or deceased
https://en.wikipedia.org/wiki/Bankruptcy
The term is often described as having originated in Renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment
https://en.wikipedia.org/wiki/Estate_planning
Estate planning or inheritance planning is the process of anticipating and arranging for the management of a person's estate or net worth during the person's life in preparation for future incapacity or death
https://en.wikipedia.org/wiki/Probate
The probated will then becomes a legal instrument that may be enforced by the executor in the law courts if necessary
https://en.wikipedia.org/wiki/Power_of_attorney
An attorney-in-fact may be a layperson and is authorized to act pursuant to the powers granted by a power of attorney but may not engage in acts that would constitute the unauthorized practice of law
https://www.uscourts.gov/services-forms/bankruptcy
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https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax
After the net amount is computed, the value of lifetime taxable gifts (beginning with gifts made in 1977) is added to this number and the tax is computed
Sites: en.wikipedia.org (5) · www.uscourts.gov (1) · www.irs.gov (1)