Many clients of Hunt Pennington Kumar PLLC express an interest in creating trusts for a number of reasons. Among those are desires to protect assets from creditors, to save estate taxes, to provide easy management of assets if someone becomes incapacitated, and to make gifts to minor children or grandchildren. Trusts have become increasingly common for these purposes in recent years.
Types Of Trusts
Commonly selected trusts types include:
- Testamentary Trusts are established under the provisions of a person’s Last Will and Testament. A testamentary trust does not become effective until the Grantor has died and their Will has been through probate.
- Revocable Living Trusts are trusts are legal entities established for the purpose of holding assets during your lifetime. Once established, you must transfer titles of your chosen assets to the trust.
- Irrevocable Trusts are established to protect from creditors, make gifts to future generations of your family, etc. however, these cannot be changed or dissolved once created.
- Special needs trusts allow you to arrange for financial means for disabled adult children or other vulnerable family members without jeopardizing their access to government benefits.
- Charitable Trusts are created by clients who wish to benefit certain charities for years to come.
As needed, we help people transfer the titles of assets to the trusts that they create. Questions about trusts? Contact us to schedule your free 30-minute consultation and let’s see which type of trust best suits your family’s needs.
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