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A living trust is made during your lifetime. Any assets given to the trust will skip probate and there distribution may be kept private.
A testamentary trust is often set up in a will and becomes nonrevocable upon the owner's death. They frequently include provisions for minors and spendthrifts but may include rules for any beneficiary and investment preferences.
Trusts for minors provide financial security for minors often hold assets until a minor reaches a certain age while allowing expenses such as housing and education.
Special needs trusts are designed to take care of beneficiaries that will need help managing thier affairs while still allowing them to qualify for government benefits.
A spendthrift trust is designed to protect trust funds for a beneficiary who tends to overspend, allowing them access to income but protecting principal.
In a marital trust the surviving spouse gets assets in the trust along with any income. This allows surviving spouses to avoid paying taxes on assets during their lifetimes. But heirs must pay taxes on remaining assets that they inherit.
Established to reduce estate tax for heirs. This is an irrevocable trust where the surviving spouse manages assets but doesn’t inherit. This protects remaining assets for beneficiaries who will inherit remaining assets tax-free
These trusts are used so that a trust may be a shareholder in an S-Corp.
A family trust is a general term used for trusts that benefit the family such as marital or minor trusts.
Business Trusts give a trustee the power to manage a business for the beneficiary.
Charitable trusts can be used to provide funds and other resources to charities and nonprofits, frequently with tax savings.
A dynasty trust is used to pass assets, and income derived from those assets, from generation to generation without incurring transfer taxes.