I've been working with a family recently, Dad, 81, just inherited a few hundred thousand dollars. The family wants to make sure that troubles and messes are avoided, like taxes, nursing home expenses, probate, family fighting, etc...the usual stuff.
After lots of discussion about estate tax (not a worry because no $5.5m), nursing homes (big worry because that expense could wipe through the entire amount), probate difficulty (big worry because children are not perfectly harmonious), and what to do with the money (keep it in cash or invest in real estate or other investments), he decided to create a special kind of trust for him and his family.
He liked the idea that the inheritance would be protected in case he goes into the nursing home in a few years. In fact, he's transferring his home to this trust so Medicaid won't have its estate recovery rights when he dies. He like the fact that there will be no estate or inheritance tax when he dies, and he really likes that there will be no probate (also known as "Succession") when he dies. He wants this new-found wealth to solve family problems rather than create problems.