Rich liberals have protected their wealth with legal means. There are trusts and off-shore wealth. Maintaining a trust costs at least $10,000 a year. (That’s what my parents are paying.) For most, it is unaffordable. But the elites like the Kennedy’s will be rich for another hundred years off of the wealth gained from Prohibition by Joe.
Your parents should hire you to administer it for $100,000 and then deduct your salary, for a savings of at least $10,000. I've heard it can be done!
It doesn’t have to. I am a beneficiary of a trust and I am a trustee for a different trust. The trustee can choose not to charge a fee.
The real cost is what you pay the trustee...other than things like Accountant to do the Tax filing. If you pass through the income-which you have to do in order not to be taxed with a much higher tax rate- then the beneficiary pays those taxes.
I don’t get an explanation for what all the things are on my K1 so I just hire an accountant to deal with all of that.