Many lawyers who have not had experience working with trusts, whether personally or professionally, might question the utility of a trust these days for most individuals who are not "ultra-rich." In fact, 20 years ago it appeared that for most clients, trusts were generally only considered worthwhile for three main purposes: (1) protecting "youngish" and somewhat inexperienced children under the age of 35 from wasting away inherited money and having regrets later; (2) funding a "bypass" or "credit shelter" trust to avoid wasting the exemption from federal estate taxes (then $600,000 per spouse); and (3) protecting a widow (but not typically a widower) from potential financial predators.
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