Should You Set Up Trusts For Children?

Once upon a time, if you wanted to leave lots of money to your children without allowing the taxman to get his hands on the stuff, you would set up a trust. But thanks to some assiduous attempts by the government to plug the loopholes, setting up a trust does not make as much sense as before. Says Vinod Jain, a Delhi-based chartered accountant and a member of the central council of the Institute of Chartered Accountants of India: