What is a trust?
A trust is a legal vehicle that allows a third party, known as the trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust can expand a person’s options when it comes to managing and protecting assets.
What are the types of trusts
Special Needs Trust
The purpose of a special needs trusts, also known a supplemental needs trust, is to provide assets and support to a beneficiary without disqualifying the beneficiary from public benefits.
Irrevocable Trusts
This is a type of Trust in which the terms cannot generally be changed without the permission of the beneficiaries. An irrevocable trust can offer certain tax-shelter benefits that are not available with revocable trusts.
Revocable Trust
A revocable trust is one in which the terms can be changed at any time without the consent of the beneficiaries. This is also known as a living trust.
Other types of trusts
Asset Protection Trusts, Charitable Trusts, and Spendthrift Trusts