What is a Trust and Why do you want it?

Trusts provide several benefits including, transference of wealth, credit protection, and avoidance of Probate and Taxes

There are two basic types of trusts

  1. Revocable Trust - Meaning you control the funds

  2. Irrevocable Trust - Once you give up control, you no longer have the money

All trust stems from these two concepts. There are many types of Trusts. Some are not included in this list but depending on your needs, most of these will be suitable:

  • Inter Vivos Revocable Trusts

  • Inter Vivos Irrevocable Trusts

  • Life Insurance Trust

  • Medicaid Asset Protection Trusts

  • Bypass (Credit Shelter) Trusts

  • Power of Appointment Trust

  • Qualified Terminable Interest Property Trust (QTIP)

  • Grantor Retained Income Trusts (GRITs)

  • Grantor Retained Annuity Trusts (GRATs)

  • Grantor Retained Unitrusts (GRUTs)

  • Qualified Personal Residence Trusts (QPRTs)

  • Tangible Personal Property Trusts (TTPTs)

  • Dynasty Trusts

  • Grantor Trusts

  • Trust for Minors

  • Crummey Trusts

  • Charitable Trusts

  • Totten Trusts

  • Blind Trusts

  • Special Needs Trusts

  • ABLE Account

  • IRA's (Separate account from any trusts)