ESTATE PLANNING
Trusts
Trusts are among the most flexible estate planning tools available. Whether your goal is avoiding probate, protecting loved ones, reducing taxes, preserving assets, or planning for future care, understanding the different types of trusts is the first step toward building the right estate plan.
What is a Trust?
A trust is a legal arrangement where one person (the grantor) transfers assets to a trustee to manage for the benefit of one or more beneficiaries.
Grantor
Creates the trust and transfers assets
Trustee
Manages the assets according to the trust
Beneficiaries
Receive benefits from the trust
How Does a Trust Work?
You Create It
You establish a trust and name a trustee
Transfer Assets
You fund the trust by transferring assets into it
Trustee Manages Assets
The trustee manages the assets for the beneficiaries
Beneficiaries Receive Assets
Assets are distributed to beneficiaries according to the terms of the trust
Why Create a Trust?
Here are some of the most common reasons people form trusts.
Avoid Probate
Assets can pass to beneficiaries without court involvement.
Protect Privacy
Trusts offer greater privacy from public record.
Manage Incapacity
A trustee can manage assets if you become unable to do so.
Protect Beneficiaries
Provide for children, loved ones, or others with special needs.
Asset Protection
Certain trusts can help protect assets from creditors and lawsuits.
Tax Planning
Some trusts offer opportunities to reduce income, estate, and gift taxes.
Control Distributions
You decide when and how beneficiaries receive assets.
Business Succession
Ensure a smooth transition of business ownership.
Explore the Most Common Types of Trusts
Explore the most common types of trusts and how each can help you achieve your estate planning goals.
Revocable Living Trust
Flexible and amendable. Helps avoid probate and maintain privacy.
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Irrevocable Trust
Assets are transferred out of your estate. Offers asset protection and tax benefits.
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Testamentary Trust
Created in your will and managed after your death.
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Special Needs Trust
Provides for a loved one with disabilities without jeopardizing government benefits.
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Charitable Trust
Supports charitable causes while providing benefits for you or your family.
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Medicaid Asset Protection Trust
Helps protect assets while planning for long-term care.
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Spendthrift Trust
Protects beneficiaries from their own creditors and poor financial decisions.
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Generation-Skipping Trust
Qualified Personal Residence Trust
Allows you to remove your home from your estate under certain conditions.
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Grantor Trust
You retain certain tax benefits while providing for beneficiaries.
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Revocable vs. Irrevocable Trusts
What is the difference
Revocable Trust
Irrevocable Trust
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You can change or revoke the trust
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Helps avoid probate
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You keep control of the assets
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Does not provide asset protection
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Not ideal for Medicaid planning
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Usually permanent and cannot be changed
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May provide substantial asset protection when properly structured
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Assets are managed by a trustee
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May provide tax and creditor benefits
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Useful for Medicaid and long-term care
Do I need a trust?
Having a trust isn't about having a lot of money or assets. There are many situations where a specific type of trust may be exactly what you need to ensure your wishes are carried out for the people and things you care about most.
Who might benefit most from setting up a trust?
Young Families
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Blended Families​​​
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High-Net-Worth Families
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Business Owners
Parents of Children with Disabilities
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Real Estate Investors
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Retirees
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Farm Owners
Related Estate Planning Resources
How Do I Choose the Right Type of Trust?
The right trust depends on your goals, your assets, your family, and how much control you want to keep. During your consultation, we'll help you compare revocable living trusts, irrevocable trusts, special needs trusts, Medicaid asset protection trusts, and other trust options to determine which strategy best fits your estate plan.
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I want to avoid probate > Revocable Living Trust
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I'm planning for long-term care > Medicaid Asset Protection Trust
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I have a child with special needs > Special Needs Trust
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I want to protect assets for future generations > Dynasty / Generation-Skipping Trust
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I want to support a charity while still benefiting my family > Charitable Trust
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*This does not constitute legal advice and there is no one-size-fits-all trust. The best option depends on your unique goals, family, assets, and long-term plans.