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Know when to use a blind trust

When President Donald Trump took office, many people were up in arms about his business dealings. Presidents before him have taken steps to move away from handling the daily operations of the businesses they owned, but it seemed as though President Trump might have bucked that tradition. Ultimately, he opted to use a blind trust for some of his personal business holdings.

A blind trust is a tool that you can use if you are getting into politics and need a way to separate your personal business and your official status. A blind trust means that you don't have any control over how the assets of the business are handled. This makes you a hands-off person so that you can't use your official status or inside information to better your business holdings.

If you find that you need to set up a blind trust, you need to make sure that you understand what it does and how it functions. Unless you are forced to do this because of your official status or your company status, you might want to think long and hard about it.

A blind trust is only one possibility that you might use to preserve assets. Just like with other types of trusts, there are situations in which blind trusts are a good idea and some situations where they aren't a good idea at all.

Make sure that you think about the purpose of your estate plan and how any trusts might play a part in that purpose. From there, you can make decisions about how you want to set up the plan from start to finish.

Source: FindLaw, "What Is a Blind Trust?," accessed May 12, 2017

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