Why is financial literacy important?Financial literacy is important for several reasons:
Financial literacy is crucial for us to achieve economic self-sufficiency, preserve our cultural heritage, overcome historical disadvantages, and effectively manage our resources. It empowers us to participate fully in the modern financial system while maintaining our cultural values and promoting sustainable economic development. |
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What is a Trust?
A trust is a legal arrangement where one person or entity transfers assets to another person or entity (the trustee) to manage for the benefit of others (the beneficiaries). Trusts are commonly used for estate planning and provide benefits such as asset protection, probate avoidance, privacy, control over asset distribution, and tax planning. Trusts can be revocable or irrevocable, and they require professional assistance to set up and manage.