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A legal arrangement in which one party transfers property to another who holds the legal title and manages the trust property for the benefit of others. Trusts are effective estate planning tools, supplying elements not obtainable through a direct gift. Income, estate, and gift tax savings can also be realized through the use of trusts. They can eliminate the need for guardianship of property; provide a life income for family members, with the principal of the trust distributed to charity; protect assets from creditors. Trustees assume all control over the assets of the trust. The grantor relinquishes all control to the trustee.