In fact, they mostly charge fees (as much as $10,000) to sell annuities and to set up trusts in other people's names.
"A wealthy doctor and his wife had set up trusts in their wills - and I had to point out that all she had in her own name was $1,250 in I.R.A. money.
A.N. Pritzker famously set up trusts in the Bahamas in 1963, saving the billionaire clan a bundle in estate taxes.
Sure, it's simpler easier and cheaper to set up trusts in your home state but your beloved home state may not show the love you want to your trusts.
Reviews on directory sites like Yelp.com have a big role in setting up trust with potential customers.
While most adults pay taxes, in Moneyland the rich minimise their contribution by setting up trusts, often based in Jersey – another pretty and secretive island.
For many people this is the main reason to set up trusts and to leave assets permanently in this legal wrapper.
"Lawyers are talking about setting up these trusts in January," Hamburg says.
The family of Surrey cricketer Tom Maynard say they are interested in setting up a trust fund in his memory.
Nigel Farage admits he made "a mistake" by setting up a trust fund in an off-shore tax haven.
