Tax Implications for Trusts | Family Trustees

The use of trusts has increased in recent years, with high net worth individuals and families seeking to minimize tax liabilities and protect assets. Trusts can be broadly categorized into two types: revocable trusts and irrevocable trusts. The concept of trusts dates back to ancient Rome, with the Roman law principle of 'fiducia' allowing individuals to transfer property to a trustee for the benefit of a third party.