When you think of a trust, you may have visions of contentious family gatherings in an attorneys office after the death of a patriarch or matriarch. And sure, why not add sibling rivalries on par with the Roy family of Succession fame to keep things interesting? 

But heres the truth: Trusts arent just for the uber-wealthy, and using one in your estate plan can make sense no matter how much money you have.

And lets be honest: No one wants to think about dying. But thats where the magic of estate planning comes in, as its a process about living. In fact, a survey by Wealth.com found that 76% of respondents created an estate plan to take care of their families. A trust could help you achieve that goal with its unique blend of privacy, asset protection, and the ability to avoid the potentially drawn-out process of probate.

What is a trust? 

At its core, a trust is a legal document that creates a triangle-like relationship between three different parties: the trust, its trustee, and its beneficiaries. 

  • The trust is the legal entity that holds title to the assets inside.
  • The trustee is the trusts decision-maker.
  • The beneficiaries are those who receive assets from the trust.

A trustcreated by an individual called the grantorspells out how assets can be used during a grantors lifetime and how those assets should pass to the grantors beneficiaries when they die. And many types of trusts offer an added estate planning perk: They avoid probate, which is a legal process in which a will is proven valid in a court of law. Because of this, probate can be a long and expensive process for your loved ones.

And while the word trust might be intimidating for some and reek of those oak-paneled attorneys office walls seen in the movies, theyre simple arrangements that most people already use in their day-to-day finances, says Jay Knighton, a board-certified estate planning and probate attorney with Knighton & Stone.

Business entities like LLCs contain that same triangle relationship between the presidentthe decision-maker, the LLC itselfwhich holds title to an asset, and the LLC members who benefit from the LLC through distributions, Knighton says. 

How do trusts work? 

While there are different types of trusts, they all work in a similar way. 

  1. The grantor establishes the type of trust they need.
  2. While forming the trust, the grantor specifies how the assets in the trust should be managed and passed to beneficiaries upon their death.
  3. Then,  the grantor typically places assets inside the trust. This removes the assets from the grantors name and estate.
  4. The grantor names a trustee, which isthe person charged with making the day-to-day decisions for the trust, its assets, and its beneficiaries.
  5. When the grantor dies, the trustee must direct the distributions of assets held in the trust according to the trusts terms.

You can create a trust using one of many online estate planning tools or by contracting with an estate planning attorney. Whichever route you choose, youll need to have your trust documents signed and notarized to make them legally binding.

What is the point of a trust?

So, why choose a trust instead of a will? Beyond trusts offering your family a roadmap for your wishesa wonderful gift to give, especially during a time of heightened emotionstrusts generally offer a host of estate planning and asset protection benefits that wills do not.

  • Avoiding probate. Many types of trusts avoid probate, the court-supervised process that validates a will, which can be a long and drawn-out process. If you need assistance with probate, youll typically need to hire an estate planning attorney, which can be costly.
  • Living benefits. Many trust types allow you to stay in control of assets in the trust throughout your lifetime. Trusts can also spell out how your trustee should handle your affairs if you become incapacitated or severely ill, which can bring ease to your loved ones.
  • Potential tax benefits. Since trusts remove assets from your estate, they can potentially help reduce estate and income taxes for your beneficiaries and preserve more of your wealth.
  • Providing for children. Trusts can spell out guardianship nominations for young children, plus create plans to help children inherit responsibly.
  • Charitable giving. Certain types of trusts can help you achieve specific philanthropic goals, whether its leaving $250 to a local animal shelter or $250,000 to a cancer research foundation.
  • Asset protection. Trust can help protect your assets from legal action, creditors, and life-changing events like divorce.
  • Provide privacy. Since assets held within a trust are titled in the trusts name, the grantors and beneficiaries names arent public record.

No matter your financial status, a trust can help you create a plan during your lifetime to ensure that your assets can pass as quickly as possible to those you intend. And it can do so with many other benefits like privacy and protection that give your family a sense of comfort.

Trusts by category

Trusts fall into several different categories. The one you choose will likely come down to a combination of factors, including the types of assets you plan on putting into the trust, and whether you want to be able to make changes to your trust during your lifetime.

Living vs. testamentary trusts

If you want to retain control of the assets you place into your trust while youre alive, a living trust is the way to go. A living trust is one you create while youre still alive, and gives youthe grantorfull access to all of the assets within the trust. When you die, your named trustee takes control of the trust and the assets held inside.

If you have young children and worry about what theyll do with an inheritance when you die, a testamentary trust could be a wise choice. A testamentary trust is created by your will upon your death, and specifies when and how you want assets distributed to your children. For instance, you can dictate that a child only receives access to their inheritance when they turn 18, graduate college, or another life milestone.

How to remember the difference: Living trusts are created during your lifetime. Testamentary trusts are created via your will when you die.

Revocable vs. irrevocable trusts

If you want to easily make changes to your trust while youre alive, youre looking for a revocable trustoften called a revocable living trust. A revocable trust lets the grantor make changes to their trust during their lifetime, so long as theyre mentally competent. For instance, you can sell property held by the trust and change the beneficiaries with ease.

A living trust is like a Swiss Army Knife and has lots of flexible features, says Eric Bond, a wealth manager at Bond Wealth Management. It avoids probate and spells out what happens if you get sick, not to mention who gets what when you die and when.

The irrevocable in an irrevocable trust says pretty much everything you need to know. Once you place assets into an irrevocable trust, they belong to the trust and theyre no longer under the grantors control. So unlike a revocable trust, making changes to an irrevocable trust is much more complicated and requires legal or beneficiary approval to change. However, for the wealthy, irrevocable trusts have their benefits. 

One of the benefits of an irrevocable trust is that it keeps assets out of your estate that can create unforeseen tax consequences, says J.R. Gondeck, managing director and partner at The Lerner Group, a wealth management firm.

How to remember the difference: Revocable trusts can be changed during your lifetime. Irrevocable trusts are generally set in stone, and changes require legal or beneficiary permission.

Funded vs. unfunded trusts

A funded trust has assets titled in the name of the trust. For instance, if you place your house, car, and grandmas diamond ring in your trust, you have a funded trust.

An unfunded trust usually has a negligible amount of assets insideusually $1.00to legally meet the requirements for a valid trust while the grantor is alive. But when the grantor dies, an unfunded trust becomes a funded trust through the grantors will. Their will specifies the assets that should be transferred to the trust. The downside? Since the will transfers assets to the trust, the will must go through probate.

How to remember the difference: A funded trust avoids probate and places assets into your trust while youre alive. An unfunded trust only receives assets as instructed by your will when you die and doesnt avoid probate.

What are the different types of trusts? 

While a simple living revocable trust often meets the needs of many individuals, some require more specialized trusts to achieve their goals. 

AB trust

An AB trustoften called a credit shelter or bypass trustis a type of trust arrangement used by married couples to get the most benefit from estate tax exemptions.

An AB trust is actually two trusts. The easiest way to remember them is that the A trust is for the person above ground, and the B trust belongs to the person below ground, says Bond. 

Assets up to the annual estate tax exemption are placed in the B trust to avoid estate taxes and generally pass to the couples children, bypassing the spouse. Then, the remaining assets are placed into the surviving spouses A trust. When the surviving spouse dies, assets in both trusts pass to the designated beneficiaries.

From the late 80s and early 2000s, AB trusts had their heyday since estate tax exemptions were drastically lower than they are today. For instance, individuals could only exempt $650,000 in assets from estate taxes in 1999, compared to $12,920,000 in 2023. Since todays estate tax exemptions are so high, these trusts arent used as often as they once were, says Bond.

May be best for: Highly affluent married couples with large estates who want to max out their estate tax exemptions.

Charitable trust

A charitable trust can benefit three parties: youthe grantor, your beneficiaries, and a charitable cause. They come in two types: charitable remainder trusts and charitable lead trusts. However, they do share one thing in common: The benefiting charity must be a qualifying organization per Internal Revenue Service guidelines.

A charitable remainder trust is a type of irrevocable trust that provides income for you or your beneficiaries during your lifetime. Youll generally transfer highly-appreciated assets into the trust, which the trust then sellsavoiding capital gains taxesto create the income stream. Then, whatever assets remain in the trust after your death are distributed to one or more charitable causes.

A charitable lead trust is an irrevocable trust thats the opposite of a charitable remainder trust. It first pays benefits to the charitable beneficiaries of your choice during your lifetime. When you pass, the remaining assets are distributed to your beneficiaries. A charitable lead trust can be funded during your lifetime or when you die through instructions in your will.

May be best for: Those with highly-appreciated assets like stocks that can be used to help meet philanthropic goals during or after their lifetimes.

Grantor retained annuity trust (GRAT)

A GRAT is an irrevocable trust generally used by the wealthy to reduce tax implications for their beneficiaries. To set up a GRAT, youll transfer assets into the trust that are expected to appreciate over time. Then, youll specify the term for which youll receive an annuity payment based on those assets. Once the GRATs term expires, the assets and any appreciation of those assets in the trust will pass to your beneficiaries with little to no estate tax burden.

May be best for: Wealthy individuals who want to help family members avoid paying estate taxes on their inheritance.

Irrevocable life insurance trust (ILIT)

Putting life insurance into a trust? Absolutely, and its a strategy the wealthy use to cover several bases. 

With an ILIT, you fund an irrevocable trust using one or several life insurance policies. When you die, the payouts from those policies typically avoid estate taxes but can be used to pay for things like state estate taxes and funeral expenses. For the affluent, the funds in an ILIT can help avoid the need to liquidate assets like a business to meet these financial needs.

May be best for: Those who expect to have to pay state estate taxes and want to protect life insurance policies from creditors or divorce. 

Special needs trust

If you have a loved one with physical or mental disabilities whos under age 65, a special needs trust can help provide for their long-term care. The main benefit of special needs trusts is that assets held in them dont impact the beneficiarys eligibility for Social Security and Medicaid benefits. Funds in a special needs trust can be used for several purposes, including caregiving, personal attendants, clothing, furniture, and education.

Since there are three types of special needs trusts, it may be best to set one up with an attorney specializing in special needs trusts.

May be best for: Those with mentally or physically disabled family members.

Trust vs. will

While trusts and wills are both estate planning tools that direct how your assets should be distributed when you die, they share some notable differences.

  • Probate. Many trusts avoid probate, while all wills must go through probate before assets can be distributed to beneficiaries.
  • Privacy. Trusts remain private, but a will becomes public record the moment its submitted for probate.
  • When they go into effect. A trust goes into effect immediately upon signing during the grantors lifetime, while wills only go into effect upon death.
  • Living benefits. Trusts can designate how a trustee should manage your affairs if you become incapacitated, while a will only applies after death and, therefore, has no living benefits.
  • Property each transfers. A trust can only distribute property thats been transferred into and titled in the name of the trust. A will can only direct property thats in your name at the time of your death.

Frequently asked questions 

Who controls a trust?

The person designated as the trustee controls the trust and the assets held within it. The trustee is named when the trust is created, and is responsible for managing the trust and distributing the assets to the trusts beneficiaries.

How much does it cost to set up a trust?

The cost to set up a trust generally depend on two factors: how you set it up and the trusts complexity. Setting up a trust using online tools can cost between $200 and $800 while using an attorney generally costs $1,000 or more.

Can someone contest a trust?

A trust can be contested just like a will, and often, for many of the same reasons. Some of the most common grounds for contesting a trust include fraud, undue influence and lack of mental capacity.

Bitcoin is an ineffective cult that not even bad guys want to join anymore, said the author of The Black Swan, a bestselling book on the extreme impact of outlier events. Cryptocurrency falls short on its claim to streamline payments, and doesnt even facilitate illegal transactions well, Nassim Taleb told Bloomberg on Thursday.

Its not even good for money laundering, he said. It is too traceable. Gold you can re-melt [into] bars, you can do something, but Bitcoin has a book entry somewhere that anyone with basic knowledge of statistics can triangularize.

The essayist assailed broader crypto culture, too, describing it as fanatical and dysfunctional.

It has transformed into a cult. The first time in history probably, were mixing money and cults, Taleb told Bloomberg. Usually you do cults with yogacults with music, but here is a cult with a financial product. These things dont go together well, because finance has some gravity rules that eventually end up hurting that model.

He added that crypto is a fad that falsely claims to be a refuge from regulation. Despite advertising itself as a haven from government oversight, Bitcoin is not even attracting the bad guys anymore, according to Taleb.

Taleb, a former options trader and risk analyst, has switched his stance on crypto over recent years. In 2019, he was an advocate for the currencys antiestablishment ethos. He disapproved of the Lebanese governments capital controls on banks, and lauded Bitcoin for existing outside central banking.

The most potent case for cryptocurrencies: Banks are never there when you need them, Taleb tweeted in 2019. And they are trying to bully the public so they avoid accountability and profit disbursements. Bankers are legal crooks.

Bitcoin currently trades at around $26,400, down about 12% from this time last year, and down 62% from its peak of over $68,000 in November 2021. 

Taleb previously invested in Bitcoin, but in 2021 he began selling his crypto because he found the currency too volatile. He also tweeted that the Bitcoin community had been taken over by COVID-denying sociopaths with the sophistication of amoebas.

Ever since, the author has been vocal about his distaste for crypto and predicted its failure. On Tuesday, he compared Bitcoin to the Mafia, but said the Mafia was truer to its promise of protection than cryptocurrency.

Taleb also told Bloomberg that the Federal Reserve could pull the plug on crypto at any moment, and would replace Bitcoin next month. He said this in reference to FedNow, an instant payment service the Fed plans to introduce in July. FedNow will let individuals and businesses transfer money in real time and have access to the funds within seconds, according to a video by the Fed. The service, which does not necessarily replace crypto, will be released in phases starting next month.

Talebs comments on Bloomberg came on the same day that the founders of Binance and Coinbase, the two largest crypto trading platforms, lost close to a combined $2 billion after being hit with SEC lawsuits. Coinbase CEO Brian Armstrong lost $361 million, and Binance CEO Changpeng Zhao lost $1.4 billion.

Securities and Exchange Commission Chair Gary Gensler is suing Binance for alleged wash trading, when a company trades with itself to inflate volume. Meanwhile, hes suing Coinbase for allegedly selling unregistered tokens and acting as a broker, exchange, and clearinghouse without permission.

Taleb took aim at Coinbase on Thursday, replying to a tweet by the trading platform claiming it is easier to deliver a bag of money by plane than by wire transfer, and that crypto is a faster solution. Taleb responded by writing that the statement was a lie meant to fool those who dont do wire transfers.

Long COVIDlike so many invisible illnessesis far more impactful than many healthy individuals realize.

A new study out of the U.K. reveals the extreme extent of its debilitating nature, with thousands of patients reporting more trouble functioning, greater fatigue, and lower quality of life than those with serious and even life-threatening medical conditions like advanced cancer, Parkinsons disease, and end-stage kidney disease.

Researchers at the University College London (UCL) and University of Exeter surveyed nearly 4,000 U.K. adults who had been referred to long COVID clinics. They found that functional impairmentaffecting their ability to work, keep up their homes, and enjoy leisure activitieswas generally worse among such patients than it was in those who had experienced a stroke, and was similar to that of Parkinsons disease patients.

Half of patients reported missing work one or more days the previous month due to symptoms, and a fifth reported missing between three and four weeks of work during the previous month. 

Study participants also reported dismally low health-related quality of life, with scores similar to patients with advanced cancer. Quality of life is generally better among stage 4 lung cancer patients than it is among long COVID patients, the authors wrote.

The driving factor behind functional impairment and low quality of life is fatigue, which is generally worse than that experienced by those who have end-stage kidney disease or both cancer and anemia. Other symptoms that impact quality of life include breathlessness, anxiety, depression, and brain fog, researchers reported.

While up to 17% of COVID patients go on to develop the post-viral illness, long COVID is still poorly understood, Dr. Henry Goodfellow, a general practitioner, professor at UCL, and lead author on the study, said in a news release about it.

Our results have found that long COVID can have a devastating effect on the lives of patients, with fatigue having the biggest impact on everything from social activities to work, chores and maintaining close relationships, he said.

Dr. William Henley, a professor of medical statistics at the University of Exeter and another author on the study, noted that while long COVID can leave people more fatigued and with worse quality of life than those with some cancers, support and understanding is not at the same level.

We urgently need more research to enable the development of evidence-based services to support people trying to manage this debilitating new condition, he said.

Symptoms of long COVID

While definitions of long COVIDor post-acute sequelae of COVID (PASC)vary, its generally defined as new symptoms that occur with COVID infection, or develop shortly thereafter, and last for 12 or more weeks.

True long COVID, many experts say, is best defined as a chronic-fatigue-syndrome-like condition that develops after a COVID infection, similar to other post-viral syndromes that can occur after an infection with herpes, Lyme disease, and Ebola, among others. 

Other post-COVID complications like organ damage and post-intensive care unit (ICU) syndromeexperienced by patients with traumatic hospital stays that include intubation and prolonged bed confinementshould not be considered long COVID, they contend.

The trouble for patients and clinicians alike is the vast array of other symptoms that can occur with the condition. More than 200 have been identified, from lingering cough and ear numbness to a sensation of brain on fire and new erectile dysfunction.

Those with long COVID experienced an average of 60 symptoms in nine different organ systems over nine or more months before recovering, if symptoms ever subsided, according to a landmark study published last summer in The Lancet.

Those who suspect they have long COVID should discuss their symptoms with their primary care provider. A list of long COVID clinics can be found here.

Why we like this card: Frequent travelers who dont want to pay the $500+ annual fee that comes with competitors luxury travel cards will appreciate the Capital One Venture X Rewards Credit Card for its generous rewards structure and valuable perks.

Pros

  • One of the highest rewards rates on the market
  • Miles are transferable
  • No foreign transaction fee

Cons

  • $395 Annual Fee
  • No intro APR

Capital One Venture X: Overview

APR

  • Intro: N/A
  • Purchase: 21.74%28.74% variable
  • Cash advance: 28.74%, plus a fee of either $3 or 3% of the amount of each cash advance, whichever is greater.

Annual fee: $395

Foreign transaction fee: None

Late payment: up to $40

The Capital One Venture X Rewards Credit Card is a premium travel rewards credit card that offers a suite of benefits tailored for frequent travelers. It rewards cardholders with a high miles-per-dollar rate on every purchase, with an additional boost on travel and dining expenses. Plus, new cardholders can earn a generous 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening. Miles can be used to book travel through the Capital One travel portal or transferred to a variety of airline and hotel partners. 

In addition to earning miles, the card offers an array of travel-centric benefits. These include an annual travel credit for eligible travel purchases made on the card, which can offset the annual fee, a Global Entry or TSA PreCheck application fee credit, complimentary access to airport lounges, travel protection services, and no foreign transaction fees. 

Capital One Venture X: Rewards

The Capital One Venture X offers some of the highest miles-earning rates youll find on the market today, particularly for travel booked through its online portal:

  • 10x miles on hotels and rental cars booked through Capital One Travel
  • 5x miles on flights booked through Capital One Travel
  • 2x miles on everyday purchases

New cardholders also have the opportunity to earn an early spend bonus of 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening.

How to redeem Capital One Venture X miles 

Book a trip

One of the best ways to get the most value out of your miles is by booking through the Capital One Travel portal. Miles can be redeemed for flights, hotels, rental cars, and more.  

Cover your travel purchases

Venture miles can be redeemed to cover the cost of travel purchases within 90 days of booking. This essentially lets you wipe out charges on your statement via a credit. Miles are redeemed at a 1:1 value this way. 

Transfer miles to partners

Capital One also allows you to transfer your miles more than 15 travel loyalty programs. In general, miles transfer at a 1:1 rate, though you may be able to boost the value of your rewards with certain partners or deals.

Share rewards

If you have a friend or family member who also has a Venture card, you can transfer your miles to them. You choose how many of your miles you want to send them.

Redeem for gift cards

If you arent planning to travel, you can redeem your miles for gift cards instead. Capital One offers gift cards from merchants such as iTunes, Barnes & Noble, Best Buy, and more. 

Get cash

Its also possible to redeem your Venture miles in the form of a statement credit or a check. Statement credits show up on your account as soon as two to three business days, while checks are mailed within three business days and should arrive two to three weeks later.

Redeem for entertainment

Capital One Entertainment provides eligible cardholders exclusive access to events and experiences. Venture miles can be redeemed for more than 500,000 events, such as sporting events, concerts, VIP packages, and more.

Additional benefits

In addition to the ability to earn miles back on spending, the Capital One Venture X card also offers the following perks and benefits:

  • Anniversary bonus: Get 10,000 bonus miles (equal to $100 when redeemed for travel) every year, starting on your first anniversary.
  • Annual travel credit: Get up to $300 back as statement credits for bookings through Capital One Travel.
  • Global Entry or TSA PreCheck credit: Receive up to $100 in the form of a statement credit to cover Global Entry or TSA PreCheck fees.
  • Capital One lounge access: Unlimited complimentary access for you and two guests per visit.
  • Partner lounge network: Unlimited access for you and two guests to 1,300+ lounges worldwide.
  • Price drop protection: If you book a flight when Capital One recommends and the price drops within 10 days, youll get up to $50 in travel credit for the difference.
  • Price matching: If you find a better price and let Capital One know within 24 hours after booking, youll receive a travel credit for the difference.
  • Cell phone protection: If your cell phone is stolen or damaged, youll get reimbursed up to $800 as long as you pay the bill with your Venture X card.
  • Premier collection: Get a $100 experience credit, daily breakfast for two, and other premium benefits.
  • Hertz Presidents Circle status: Complimentary upgrade that allows you to skip the rental counter and enjoy the widest selection of cars.

Is Capital One Venture X right for you?

With an annual fee of $395, the Venture X isnt the right card for everyone. However, when compared with similar high end travel cards, its more affordable than many competitors. Given that it also offers a few hundred dollars in annual statement credits, cardholders who use the Venture X strategically can make up for most of that annual fee and enjoy luxury travel perks.

Credit cards similar to Capital One Venture X

While the Venture X is a standout card among travel rewards credit cards, there are a couple of cards from other issuers that offer similar benefits.

Chase Sapphire Reserve vs. Capital One Venture X

The Chase Sapphire Reserve is one of the few cards that matches the Venture Xs 10X earning rate on hotels and rental cars, plus 5X on flights booked through the issuers travel portal immediately after the first $300 is spent on travel purchases annually. However, it also offers 3X back on dining, which the Venture X does not. And though the Sapphire Reserve has a higher annual fee of $550, it also provides a number of statement credits and perks that more than make up for it, including 50% higher redemption value for points redeemed through Chase Ultimate Rewards, complimentary Lyft Pink All Access membership, up to $300 annual travel credit, and more.

The Platinum Card from American Express vs. Capital One Venture X

With one of the highest annual fees on the market at $695, some travel rewards enthusiasts may shy away from the Platinum Card from American Express. However, this card offers highly competitive rewards and ultra-premium perks. Cardholders earn 5X membership points on flights and hotels booked through American Express Travel, plus 2X points on other travel purchases booked through Amex and 1X on everything else. They also enjoy up to $200 annual credit for airline fees, up to $200 annual credit for The Hotel Collection bookings, up to $200 in Uber credits, fee credit for either Global Entry or TSA Precheck, and much more (Terms Apply and Enrollment Required).

To view rates and fees of The Platinum Card from American Express, see this page.

Frequently asked questions

What is the difference between Capital One Venture and Venture X?

The Capital One Venture card is essentially a scaled down version of the Venture X. Its annual fee is just $95, and the rewards top out a 5X miles for certain travel spending.

What score is needed for Capital One Venture X?

According to Capital One, card applicants need excellent credit to be approved. That generally translates to a FICO credit score of 740 or higher.

How much is 75,000 Venture X points worth?

When redeemed for travel bookings, the 75,000 bonus is worth $750 (one cent per point). However, you may be able to boost the value of these points by transferring them to certain travel partner loyalty programs.

Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.

Pundits and politicians lately have raised questions and doubts about the value, effectiveness, and even the very purpose of higher education. Its too expensive, they argue, or its too elitist, or it isnt focused strongly enough on pure job skills.

But in an economy incessantly disrupted by change, higher education remains the best way for the rising generation to develop the knowledge, critical thinking, and adaptability that our country needs to boost living standards, sustain optimism, and secure our leading place in the world.

The graduating class of 2023 couldnt agree more. In a national Harris Poll survey of this springs graduates, nine out of 10 said theyre glad they went to college. That same super-majority also agreed that a degree is the best way for someone to secure their future.

Postsecondary education comes in many formsone size doesnt fit all. Whether its a two-year, four-year, or postgraduate program, degrees and the evolving models of lifelong learning are key to developing the workforce that employers who provide well-paying and fulfilling jobs increasingly demand.

Why the anti-college movement is problematic

Colleges and universitiesa network of almost 4,000 schools and more than 1 million professional educatorsare already at work. Without a doubt, they remain the best-positioned providers of this toolbox of skills.

Though some elected officials seem to be at war with their public colleges and universities, other state and local governments are investing in higher education, seeing it as a powertrain for the workforce and economic development.

In Illinois, for instance, state investment has helped us expand the University of Illinois System to include its pioneering Discovery Partners Institute and Illinois Innovation Network. Going well beyond the conventional remit of higher education, their mission is aimed, in part, at workforce development. This includes high-tech training for people who may never attend college.

Smart leadersDemocrats and Republicans alikesee the job-creating potential in such collaborations among higher education, government, and private industry. Many of these students might never set foot on a traditional college campus, but university-led training will give them the skills to compete throughout their careers, to the benefit of their community and the country.

At the mention of such efforts, higher education skeptics would probably jump up to argue that what more students really need is only a shorter course on narrow job skills rather than spending two years at a community college or four or more years at a university.

While that short-term approach will be a wiser option for some students in certain fields, if applied too broadly, this thinking would stifle innovation and wealth generation. Thats because colleges and universities remain, far and away, the primary source of people who either become managers and leaders within established organizations or start their own companies and become job creators themselves.

Todays graduates get it. They fully appreciate their college experience, and the positive outlook they have about their own college-powered futures should cause skeptics to reconsider their strictures.

The Harris Poll survey of graduating seniors, conducted in May, found that 95% of graduates of two-year, four-year, and graduate programs are excited about their postgraduate plans, and nine of 10 said that college was worthwhile, they were happy with their choice of school and think they chose the right field of study.

Of the half of graduates who plan to immediately get a paid jobas opposed to, say, pursuing another degree or taking some time off79% had already secured postgraduate employment in their primary field of study. And one in two said the job hunt was easy. Remember, were still in the middle of commencement season.

The ROI of higher education

We know from longstanding research that new graduates almost certainly will benefit financially from their degrees. According to the U.S. Bureau of Labor Statistics, those with bachelors degrees earned nearly $30,000 more annually than counterparts who have only a high school education. A two-year degree yields an extra $8,000 a year.

However, the poll shows a concern that higher ed leaders are all too aware of: 43% of graduates told us that they will enter the workforce with $50,000 or more in debtand 17% with a debt of $100,000 or more.

There is a small silver lining. The findings highlight public higher educations role: 20% of those polled who are graduating from a public school report carrying no debt at all, compared with 7% of their private-school peers.

Still, affordability is a concern students and families regularly raise. A third of this springs grads say financial assistance was a reason why they attended the school they did; only the degree program was a bigger factor in why students made their choice.

Over the past decade, many universities around the country have implemented tuition freezes or greatly limited increases. That includes the three University of Illinois campuses in Urbana-Champaign, Chicago, and Springfield, where total enrollment has grown every year over the last decade.

Affordability and accessibility go hand in hand, and accessibility is the key to making certain that the benefits of higher education in all its various forms reach as many Americans as possible.

Colleges and universities must work more to control their costs, but public institutions must alsothrough their resultscontinually make the case to state and federal lawmakers that public investment in higher educations mission ensures that our country has a well-educated, highly capable workforce and a civic-minded citizenry.

Public funding of higher education has mostly declined for decades, though thankfully in some statesincluding Illinoisthat tide has begun to reverse over the past few years.

Skeptics see higher education as a problem that needs to be solved. They couldnt be more wrong. Though it needs to continue improving, higher education is an engine ready to drive us forward, providing the economic and societal infrastructure we require in fast-changing times.

The countrys newest graduates wholeheartedly agree.

Tim Killeen is president of the University of Illinois System. Will Johnson is CEO of The Harris Poll.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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Former President Donald Trump described a Pentagon plan of attack and shared a classified map related to a military operation, according to a sweeping 37-count felony indictment related to the mishandling of classified documents that was unsealed Friday and that could instantly reshape the 2024 presidential race.

The indictment paints an unmistakably damning portrait of Trumps treatment of sensitive information, accusing him of willfully defying Justice Department demands to return documents he had taken from the White House to Mar-a-Lago, enlisting aides in his efforts to hide the records and even telling his lawyers that we wanted to defy a subpoena for the materials stored in his estate.

I dont want anybody looking through my boxes, one of Trumps lawyers described the former president saying, according to the indictment. He also asked if it would be better if we just told them we dont have anything here, the indictment says.

Noting the tens of thousands of members and guests who visited the active social club of Mar-a-Lago between the end of Trumps presidency in January 2021 through the August 2022 search, prosecutors argued that Trump had nevertheless stored the documents there, including in a ballroom, a bathroom and shower, and office space, his bedroom, and a storage room.

The indictment arrives at a time when Trump is continuing to dominate the Republican presidential primary and one day before a scheduled campaign trip to North Carolina. Though other candidates have largely attacked the Justice Department, rather than Trump, for the investigation, the indictments breadth of allegations and startling scope will be harder for Republicans to rail against than an earlier New York criminal case that many legal analysts had derided as weak.

The 49-page charging document, alleging that Trump not only intentionally possessed classified documents but also cavalierly and boastfully showed them off to visitors, is startling in scope and in the breadth of allegations. The indictment is built on Trumps own words and actions as recounted to prosecutors by lawyers, close aides and other witnesses, with prosecutors even using against Trump his own words as a candidate and president professing to respect and know procedures related to the handling of classified information.

The indictment includes 37 counts 31 of which pertain to the willful retention of national defense information, with the balance relating to alleged conspiracy, obstruction and false statements that taken together could result in a yearslong prison sentence.

Trump is due to make his first court appearance Tuesday in federal court in Miami, where the case was filed. He was charged alongside Walt Nauta, an aide and close adviser to Trump who prosecutors say brought boxes from a storage room to Trumps residence for him to review and later lied to investigators about the movement. A photograph included in the indictment shows several dozen file boxes stacked in a storage area.

The case adds to deepening legal jeopardy for Trump, who has already been indicted in New York and faces additional investigations in Washington and Atlanta that also could lead to criminal charges. But among the various investigations he has faced, legal experts as well as Trumps own aides had long seen the Mar-a-Lago probe as the most perilous threat and the one most ripe for prosecution. Campaign aides had been bracing for the fallout since Trumps attorneys were notified that he was the target of the investigation, assuming it was not a matter of if charges would be brought, but when.

Enumerating the defense and foreign intelligence-related information included in the documents, prosecutors wrote that their unauthorized disclosure could put at risk the national security of the United States, foreign relations, the safety of the United States military, and human sources and the continued viability of sensitive intelligence collection methods.

The campaign to win reparations for Black Americans plans to bring broader support for smaller nonprofits advancing the cause, with a new philanthropic funding initiative announced Friday at the Alight Align Arise national conference in Atlanta.

The Decolonizing Wealth Project, an organization dedicated to creating racial equity through education and radical reparative giving, is committing $20 million over five years to boost campaigns for reparations across the country, along with a research collaboration with Boston University to map reparation projects.

The projects founder and CEO Edgar Villanueva announced the plans at the Atlanta gathering of advocates, including the writer Ta-Nehisi Coates, journalist Nikole Hannah-Jones and U.S. Rep. Jamaal Bowman, the Democratic congressman whose district represent parts of The Bronx and Westchester County in New York.

The point of all of this for us is to elevate the issue and the opportunity for reparations and to resource these groups who have been doing this work, often for a little or no money, and it takes the money to win, said Villanueva in an interview.

The nonprofit, which is fiscally sponsored by Allied Media Projects, has not yet fully funded the commitment but has brought in millions of dollars in unrestricted grants from the likes of the Ford Foundation and the John D. and Catherine T. MacArthur Foundation in recent years. Thats in addition to hundreds of thousands of dollars in donations from individuals to their reparations campaign fund supporting Black and Indigenous groups, called Liberated Capital, which the MacArthur Foundation supports.

Even before the police killing of George Floyd three years ago, institutions and municipalities began examining their own roles in systems that oppressed Black Americans, including slavery, redlining and gentrification. They also looked at policies impacting other communities of color.

Last year, Harvard University pledged $100 million to atone for its extensive ties with slavery. In 2021, the Minnesota-based Bush Foundation committed $100 million, which they raised through issuing emergency bonds during the pandemic, to address economic inequality in Black and Native American communities. Also in 2021, the city of Evanston, Illinois, launched a program to pay $10 million to facilitate home repairs or down payments for Black residents, the first of its kind in the U.S.

Civil rights lawyer and professor at the Harvard Kennedy School, Cornell William Brooks, has a quilt hanging in his office that was made from the clothing of his great-great grandfather, which he points to as just one measure of the present connection to the impact of slavery. His scholarship looks at the many ways the U.S. government compensates groups who have been harmed, though not yet Black Americans.

The consequence of not having this reparations discourse and debate is that our history is being erased, and as importantly if not more importantly, literally people being robbed of what they earned, Brooks said, referencing for example, Black World War II veterans who were unable to use the housing and education benefits of the G.I. Bill.

While overall, most Americans do not support reparations, younger people do, which both Brooks and Villanueva see as a sign of the strength of the movement.

As the demands for reparations are increasing, were also seeing an attack on history, Villanueva said, referencing efforts to ban books and change school curriculums to diminish references to reparations among other topics.

The Decolonizing Wealth Project will also fund research into what stories and arguments influence people to support reparations. They will likely point to previous payments made to groups of people, like Japanese Americans incarcerated during the Second World War or official apologies made by the U.S government for Native American boarding schools.

The price tag associated with proposed cash compensation has drawn skepticism, for example, in California where a reparations task force estimated the state is responsible for more than $500 billion in damages due to decades of overpolicing, mass incarceration and redlining. The state currently faces a projected $31.5 billion deficit.

The California commission voted last year that any compensation be limited to descendants of Black people living in the United States before the end of the 19th century and more recently, limited eligibility to people living in California for at least six months while certain discriminatory practices and policies were in effect.

Martin Gilens, a public policy professor at UCLA, said parameters that direct potential benefits to groups the wider population sees as deserving may help to win support for such initiatives. He wrote a book about how misconceptions that welfare disproportionately benefited Black people led to diminished support for those programs.

Reparations opponents argue that current taxpayers should not be responsible for damages for historical wrongs.

Its kind of a foreign concept to Americans, this idea of collective reparations for collective harms, said Gilens.

Brooks, the professor and civil rights lawyer, argues the local campaigns run by nonprofits wont be able to resolve the call for reparations, though they lay the groundwork for more comprehensive action.

They are absolutely necessary in trying to ensure that the federal government and local governments, institutions, companies, communities do what they can for the harms that they in fact create. Brooks said.

Some people see reparations as a handout that takes something away from them, which Rep. Bowman disputes.

Thats not how our federal spending works and thats not how this works, he told The Associated Press. Its not taking from Peter to pay Paul.

Will Cordery is a philanthropy consultant and directs the Reparative Action Fund at Satterberg Foundation, which supports the Decolonizing Wealth Project. In his experience, individuals and smaller family foundations have been much quicker to grapple with and support reparations than larger foundations, which are more bound by their missions and internal procedures.

He hopes that funding more nonprofits to work on reparations campaigns will mean in five years that more people understand that reparations is not just about handing over money but about healing past harms.

How much more do we need in order to really have some reckoning? Cordery said. I hope that we have moved the narrative and thereby the support for repair in this country.

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