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Trusts for wealth individuals have come under attack in Budget 2014. Two specific tax planning techniques often favoured by wealthy Canadians have been eliminated.

[np_storybar title=”10 things you need to know about the Federal Budget” link=”http://business.financialpost.com/2014/02/11/canada-budget-2014-10-things-you-need-to-know/”]The taxman giveth and taketh away. Here are 10 detailsyou may have missed in Jim Flaherty’s latest budget

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The first change is the elimination of graduated tax rates for testamentary trusts, as originally proposed in last year’s budget. A testamentary trust is a type of legal arrangement in which one person, typically known as the estate trustee, holds and manages the deceased’s property for the benefit of someone else, known as the beneficiary. A testamentary trust also includes an estate, which arises upon death and generally lasts until the executor distributes the assets to the beneficiaries who are inheriting under the will of the deceased.