Trusts are powerful, versatile estate planning tools with the ability to accomplish a number of estate planning objectives.

Click on a trust type for more information.

TRUST TYPES:

• Living Trusts
• Testamentary Trusts
• Irrevocable Life Insurance Trusts
• Charitable Remainder Trusts
• Charitable Lead Trusts

~For More Information on Personal Trusts, visit the Personal Trusts FAQ

Revocable During Your Lifetime

 ~FEATURES

• Assets May Escape Estate Taxes
• Quicker Estate Settlement
• Privacy (not in public record)
• Revocable or Irrevocable

 ~USEFUL FOR:

• Seniors needing help with management of their assets or high net-worth individuals whose goals include reduction of estate taxes and avoiding probate and public scrutiny.
 
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Under Your Will

 ~FEATURES

• Revocable until death
• Amendments are made simply by changing the will
• Assets may be subject to estate taxes

 ~USEFUL FOR:

• Holding assets for the benefit of the spouse, children, or others.
 
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 ~FEATURES

• Meet liquidity needs
• Pay tax-free benefits to the surviving spouse and/or beneficiaries
• Reduce estate taxes
• Must be irrevocable to receive tax benefits
• Grantor must relinquish control of assets

 ~USEFUL FOR:

• People who want to provide funds for their estate tax liability or provide additional estate-tax-free funds for their heirs.  Nominal amount of trust property during lifetime, but has significant insurance benefits to be managed upon his or her death.
 
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 ~FEATURES

• Grantor transfers assets to a trust set up for the charity or charities of his or her choice
• The grantor receives a current charitable deduction for the computed value of the gift if done during lifetime
• The trust pays out income to a designated beneficiary either for life or a period of years
• On death of the last income beneficiary, or at the end of the term, the charity receives the trust's property

 ~USEFUL FOR:

• Charitable minded people who want to reduce their capital gains and estate taxes, help a favorite charity, and provide income for themselves or their beneficiaries for a period of time.
 
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 ~FEATURES

• Grantor transfers assets to a trust set up for the charity or charities of his or her choice
• Grantor receives a current charitable deduction for the computed value of the gift, if done during lifetime
• The trust pays out income to a designated charity for a specific time period
• At the end of the trust term, specified beneficiaries receive the remaining trust property

 ~USEFUL FOR:

• Charitably minded people who want to reduce their capital gains and estate taxes, and provide income for a favorite charity with ultimate distribution to family members.
 
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