What To Know About The Types of Trusts
Not many people know much of anything at all about trusts. A lot of people just assume a trust is for ultrawealthy people to transfer funds to friends and family after their passing. There is more to a trust than that, with more types than you might expect. Here at Richardson & Richardson, LLLP, we can help you learn about any kind of trust you might encounter in your life and how to deal with them.
The first thing to know about trusts is that they are not just for the rich. Almost anyone in our country has the potential to be involved with a trust, either as a recipient of the funds in a trust, or as the person to establish it. When there are many ways to be involved with a trust, our lawyers want to be there for you when you have questions while planning your estate.
Our Knowledge Can Be Your Advantage
There are many types of trusts, each with their own functions. We have attorneys in both Florida and Tennessee that can help you distinguish these trusts from each other. Common examples of trusts include:
- Revocable trusts. Also known as a “living trust,” these are a great way to avoid the probate process, but are still vulnerable to the trustmaker’s creditors.
- Irrevocable trusts. These trusts are more of a “final answer” to your wishes, meaning no one can change them after you create it.
- Asset protection trusts. These trusts are typically used to protect assets from creditors and are in countries outside the United States.
- Charitable trusts. These are part of an estate plan to help lessen or avoid the consequences of the estate and gift tax.
- Constructive trusts. These are often the result of an implied trust, and a court can help in its establishment.
- Special needs trusts. Parents or guardians of loved ones will set these up for their special needs dependents as a way of keeping their dependent qualified for government benefits.
No matter which way you look at it, trusts can be confusing and intimidating to manage. Thankfully, you do not have to go through it alone.
Let Us Help You With Your Trust Needs
Whether you are opening or closing a trust, we can help you navigate the complicated maze that is sure to come. Contact our Tennessee office in Tullahoma by calling 931-841-9968, or our Florida office in Stuart by calling 772-341-3389. You can also contact us through our online form to have confidence in your trust needs.