Set up and in effect while you are living. A living trust, also known as a Revocable Living Trust or a Family Trust is a legal document that holds title or ownership to your real property and assets.
Set up as part of a will and in effect upon your death. Typically, the remaining estate of the deceased (trustor) will act as the body of the trust, and the executor will manage it until the beneficiaries are capable of doing so individually.
A trust whereby provisions can be altered or canceled dependent on the grantor. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries.
A trust that can't be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust.
Life insurance trust
An irrevocable trust set up with a life insurance policy as the asset, allowing the grantor of the policy to exempt asset away from his or her taxable estate.
Once the life insurance policy is placed in the trust, the insured person no longer owns the policy, which will be managed by the trustee on behalf of the policy beneficiaries when the insured person dies.
The insurance trust, or irrevocable life insurance trust (ILIT), is often used to set aside cash proceeds that can be used to pay estate taxes, as the life insurance policy should be exempt from the taxable estate of the decedent.
Credit shelter trust
Used by a married couple to take advantage of both spouses' credits against the federal estate tax.
Special needs trust
Enables a person under a physical or mental disability, or an individual with a chronic or acquired illness, to have held in trust for his or her benefit an unlimited amount of assets. Those assets are not countable for purposes of qualification for certain governmental benefits.
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