In a recent article, Forbes explores some “myths” about trusts laid bare by some recent events. Former Police lead singer, Sting, told Britain’s The Mail that he doesn’t want his children to have trusts, which he feels would be an “albatross around their necks.” Late actor Philip Seymour Hoffman had said he didn’t want his children to be “trust fund kids.” Their beliefs highlight key myths about trusts, especially revocable living trusts, reports Forbes. It presents the top five myths about these trusts, including complaints they can spoil children and that those with wills don’t need trusts. Hoffman’s recent death exposed his lack of planning and will cause his family to lose millions in taxes and maybe millions more by his lack of post-death planning. MWR
