Trusts

We use trust planning to implement a variety of goals: financial management, disability, gifts to minors, creditor protection, education, liquidity, and charity:

Revocable Living Trusts and transfers of assets to those trusts for financial management during the client’s lifetime and disposing of those assets at the death of the client. If two spouses create a Revocable Trust, there are tax planning trust provisions for the support of a spouse during the spouse’s lifetime and at the spouse’s death, the disposition of the assets either outright or in irrevocable trusts for children and grandchildren.

Irrevocable trusts (testamentary or living trusts) are used to make gifts to family members, minor children or charities.

Qualified Personal Residence Trusts to permit tax planning to reduce the size of the estate at death.

Generation-skipping Transfer Trusts may provide planning for gifts to grandchildren utilizing a tax exemption.

Charitable Trusts (Charitable Remainder Trusts, Charitable Uni-Trusts and Annuity Trusts, and Charitable Lead Trusts) to provide tax planning or planning for a term or lifetime benefit of family members followed by gifts to charity.

Life Insurance Trusts to provide liquidity to pay taxes or to replace a deceased person’s income.

Special or Supplemental Needs Trusts to preserve governmental benefits while providing qualified benefits for a disabled child.

Other disability trusts: guardianship management trusts and minor’s trusts for disabled children.

Medicaid Qualifying Trusts to assist persons to qualify for Medicaid where the income would be insufficient to provide for care but exceeds the Medicaid limit.

Defective Trusts (for income tax purposes) for transfers that would otherwise incur capital gain.

Grantor Retained Annuity Trusts.

Miscellaneous trusts: Pet Trusts for passing property for the care of pets at the owner’s death, Gun Trusts to qualify gun purchases for Title 3 guns and other trusts.

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