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What is the difference between estate planning and trust planning?
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The main difference between estate planning and trust planning is that estate planning is a way to manage and distribute your assets after you die, while trust planning is a way to manage and protect your assets while you are alive. With estate planning, you can create a will and other documents to designate who will receive and control your assets after you pass away. With trust planning, you can create a trust which allows you to transfer assets to a third party to manage on your behalf and provide you with specific benefits or limitations, such as avoiding probate or providing tax benefits.