Charitable trusts are an estate planning option that can provide valuable support for charities while still enabling a trust’s creator to support their loved ones. As part of a comprehensive estate plan, these trusts are established to manage assets for charity,...
Trusts
What is a revocable living trust?
A will is often created alongside a revocable living trust. A trust allows you to appoint a trustee who will take ownership of your assets. However, you will retain control over your assets during your lifetime. You can modify or change the trust terms whenever you...
4 things you should know about dynasty trusts
Dynasty trusts, also known as "generation-skipping trusts," are unique vehicles designed to preserve and protect wealth for multiple generations. These irrevocable trusts extend beyond the typical trust period, allowing assets to benefit grandchildren and even...
Why you might base trust distributions on age
If you’re thinking of setting up a trust as part of your estate plan to leave an inheritance, there are many different ways to do it. For instance, you could choose a trustee who has full discretion to decide how the money can be used. This is known as a discretionary...
Will a trust protect your assets from Medicaid?
It’s understandable that when someone has worked their whole life and saved their money for a comfortable retirement and to leave a legacy to their heirs, the last thing they want is for all their assets to be used for long-term care. Many people probably realize that...
3 common ways for people to fund a trust
There are many different kinds of trusts that can serve numerous different estate planning purposes. There are spendthrift trusts to prevent someone from squandering their inheritance and special needs trusts to provide support for a loved one with medical issues...
Why trusts are such useful tools for blended families
Individuals in many different personal circumstances may need to add a trust to their estate plans. Those who have family members with special needs or a history of substance abuse may recognize that they need to take special steps to leave resources for those people....
What is an irrevocable trust?
Getting your estate plan together means taking the time to think about the best ways to use your assets to help your loved ones when you’re gone. You must ensure that you establish who will get what so your wishes can be followed. While some people think they can do...
3 reasons family members might benefit from a spendthrift trust
Trusts are legal entities created to preserve, invest and distribute resources. There are different kinds of trusts that people can create to leave a specific legacy and protect their loved ones’ interests. A spendthrift trust is one of the more common kinds of trusts...
How an incentive trust can help an addicted loved one
Maybe you have a spouse who no longer has access to some of your property because they have previously tried to use shared assets to buy illegal drugs. Perhaps you have had to have some very uncomfortable conversations with your middle child because of their alcohol...