Accomplish Trusts can be used for many worthwhile purpose. Reduce estate taxes. Leave assets to a spouse. Provide for life insurance used to pay estate tax. Giving property to children.
Many people give property to a minor through a trust.
The trust s terms can be written so that the child does not get outright ownership until he or she has achieved a certain age, so that the child receives only the income from the trust property until that time. Another way to give property to a minor is via the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act. These provisions, which apply in most states, provide for a custodianship over property given to a minor. Reducing estate taxes. As noted earlier, if you leave everything to your spouse, it passes free of federal estate tax.