For those who have built some measure of wealth over a lifetime, there will likely come a time to consider the best way to pass some of it along to loved ones. Often, the subject comes up when a will or estate plan is being written. While not right for every situation, it may make sense to set up a family trust. A trust can be an effective way to move taxable income out of the hands of a high-income earner and into the hands of lower-taxed family members.