Trusts are like cars and trucks; there are all types of makes and models. Examples include, but are not limited to:
- Revocable Living Trust (RLT)
- Irrevocable Trusts
- Simple Trusts; Complex Trusts
- Intentionally Defective Grantor Trust (IDGT)
- Charitable Remainder Trust (CRT)
- Charitable Lead Trust (CLT)
- Irrevocable Life Insurance Trust (ILIT)
- Stand-Alone IRA Beneficiary Trust
- Special Needs Trust (SNT) and Supplemental Needs Trusts (SNT)
- Discretionary v. Non-Discretionary Trust
- Medicaid Trust
- Bypass Trust (B-Trust or Credit Shelter Trust)
- Qualified Terminal Interest Property Trust (QTIP Trust or marital trust)
- Dynasty Trust (GST Exempt Trust)
- Grantor Retained Annuity/ Unitrust Trust (GRAT and GRUT)
- Spousal Lifetime Access Trust (SLAT)
- See-Through Trusts (accumulating or conduit)
And even within that universe, there are variations and/or nuances that can take years to understand and implement effectively. A Trust is a legal tool, and like any tool, in the hands of the right user, it can be a powerful aid. Often we are contacted by people who are certain they need a “trust.” Many don’t, but some do. A trust is not a panacea or cure-all for whatever ails your estate plan. Let us help you make an informed decision.
Driven by Passion, the value you love by people you trust: We will find the Trust that fits your estate planning needs!
This article is for informational purposes only and shall not be construed as legal advice. No attorney-client relationship between the reader and Brennan & Rogers, PLLC, or its attorneys is intended. This article should not be used as a substitute for legal advice. Laws may vary from state to state, and the educational materials found in this article may not apply in all jurisdictions.
Brennan & Rogers, PLLC | 279 York Street, York, ME 03909 | 207-361-4680 | email@example.com