Why Do People Think "A Trust Solves Taxes" and Why Is That Wrong?
When it comes to estate planning, especially for high-net-worth individuals with valuable art collections, there's a persistent myth floating around: setting up a trust automatically solves tax problems. Unfortunately, this misconception leads to costly mistakes, misunderstandings, and sometimes, unwelcome IRS scrutiny. In this post, we'll unpack why people assume trusts are a tax cure-all, clarify the difference between revocable and irrevocable trusts in the context