Trust

Trust — a legal structure in which a trustee owns assets and must manage them for named beneficiaries under written terms, separating ownership from control and benefit. What it genuinely buys: succession without probate, protection of beneficiaries from creditors (and themselves), continuity across generations, and a home for foreign assets. The PH-honest framing: with estate tax at a flat 6%, the tax case for trusts is thin here — the real cases are probate speed, blended-family control, and the US-situs landmine a trust can fence off.

First used in: 5.5 · Structures of the rich: banking tiers, trusts, PPLI, debt