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trusts

A Trust is a legal contract that allows a trustee to control assets for the benefit of a beneficiary. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries. Think of a Trust as a legal place that holds and administers your property both during your lifetime and after you have passed away. You can specify the terms of a Trust, controlling when and to whom distributions may be made.

 

There are numerous types of Trusts, each having a specific purpose. For example:

  • Avoiding probate (living trust)
  • Protecting minor children
  • Protecting disabled children (special needs / disability trust)
  • Avoiding or reducing potential estate taxes
  • Setting up an educational fund for your children
  • Protecting children in the event of divorce
  • Making certain types of charitable gifts
  • Making sure your pets are protected and provided for after you pass away (pet trust).

 

For specific information on the following types of Trusts, please use the following links: Living Trusts, Special Needs Trusts, Disability Trusts, Third-Party Special Needs Trusts