Trusts can be invaluable tools in any estate plan. A trust is an arrangement where one party – the settlor/grantor – transfers assets to the trustee, authorizing the trustee to manage the assets for the benefit of a third party (the beneficiaries).
There are numerous reasons for establishing a trust in the estate planning context, including the avoidance of probate, tax planning, asset protection and/or general family planning.
Some types of trusts that often are useful tools for estate planning are trusts for minors, Special Needs Trusts, Marital Trusts, Spendthrift Trusts and Revocable Living Trusts. See our discussion on advanced tax planning for other types of trusts which are used for that purpose.
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