What are trusts?
A trust is essentially a contract between the grantor, the person creating the trust, and the trustee, the person who’s going to administer the trust. The trust, if you think of it as a box, where you put assets into the box. You can take assets, put them in, take them out at your discretion if it’s a revocable living trust. On an irrevocable trust, once you put the assets into the trust, they have to stay in the box. You could get income out of that box, but for the most part, the asset has to stay in the box. Any trust planning should be done on the advice of counsel.