Trusts
A trust is an entity separate from an individual. The Trust must have
a Trustee who oversees the managing and disbursing of the funds within
the Trust. While a Trust is an important tool for both Estate planning
and Medicaid planning, not every Trust is right for every individual and
one should consult with someone knowledgeable in this field prior to executing
such a document.
Trusts come in many varieties and serve many purposes. There are revocable
Trusts (Trust may be changed), irrevocable Trusts (Trust may not be changed),
Supplemental Needs Trusts (for beneficiaries receiving public benefits),
Income Only Trusts (used in connection with Medicaid planning), Testamentary
Trusts (trusts within Last Wills and Testament), Credit Shelter Trusts
(for Estate planning within a marital scenario), Irrevocable Life Insurance
Trusts ((ILITs) to decrease estate tax consequences of a sizeable estate),
and Qualified Domestic Trusts ((QDOTs) (for non-citizens)), just to name
a few.
Each of the above named Trusts, as well as additional Trusts not mentioned,
have specific strengths to assist with fulfilling the purposes of each
of our individual clients.
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