@Paradox @thegreatape @lain

> ...can you relinquish ownership of something without selling it?

I don't think you can actually decline something without the taxable event where the ownership is transferred. I don't know. (I cannot die, nor can I ever be killed; this is purely academic for me.)

> Also I have heard of trusts and vaguely know they're useful, but I've never read up on how they work.

Basically you give it your house or whatever assets, and it owns them. Then you don't pass on the ownership, you just give your kids control of the trust, so effectively they own whatever it is but legally not. The trust can make money and pay out dividends, so if you make enough, you can have trust fund kids.