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There are several different types of trusts, and choosing the right type is dependent on your circumstances. Let trust and probate attorney Dean E. Patrick assist you in choosing what estate planning options are the best fit for your circumstances, estate, and beneficiaries. Some of the common trust types you may discuss with our estate planning attorneys are listed below:
- An Intervivos (Revocable/Living) Trust has many benefits appealing to a range of individual circumstances, which is why this is one of the most popular types of trusts today in the United States. The revocable trust can be used to avoid probate, which means your family can avoid court fees and oversight.
- The Supplemental (Special) Needs Trust is meant to help your future beneficiaries who happen to be physically, mentally, or developmentally disabled and receiving, or likely to receive, government benefits. The special needs structure increases the probability that an inheritance will not disrupt government benefits for your loved one.
- The Charitable Trust assigns one of its beneficiaries as a charitable end. This type of trust is entitled to special treatment under the law of trusts and taxation. Single or married, this structure can be used to reduce a potential estate tax to zero.
- The Pet Trust is meant for those furry friends of ours that we have to leave behind. It is simply trust which allocates resources for the well-being of a pet.
- The Irrevocable Life Insurance Trust (ILIT) is often used to hold insurance policies, which will pay for some or all of the expected estate tax due if the tax is unavoidable.
- The Irrevocable Trust helps to reduce estate taxes and provide asset protection. Unlike the revocable trust, you give up control of assets titled in the name of the irrevocable trust.
- The Qualified Personal Residence Trust (QPRT) is also useful for reducing estate taxes and asset protection depending on your circumstances.
- The Family Limited Partnership (FLP) can be used to reduce or completely eliminate estate taxes and protect assets from creditors.
Do not be overwhelmed, we are here to guide you. Our trail attorneys are ready to provide you with the legal assistance needed to prepare for the future and he is available for consultations.
Lawyer Dean E. Patrick | Lawyer Estate Planning
