A trust can be a powerful, versatile tool in the estate planning toolbox. A Trust is created when a person (the Settlor) gives property to another person (the Trustee) to hold for the benefit of a third person (the Beneficiary). A trust is a legal way to hold and protect your assets for the future. Trusts can be arranged in many ways, and they can stipulate with specificity exactly how the Trust assets pass to the beneficiaries.
Since trusts avoid probate, your beneficiaries can generally gain access to the trust assets more quickly than through the traditional probate process. In addition, assets transferred into an irrevocable trust may reduce or eliminate tax liability or nursing home liability.
· Testamentory Trust
· Charitable Lead Trust
· Charitable Remainder Trust
· Generation Skipping Trust
· Revocable & Irrevocable Trusts