TRUSTS
A
property owner needs to consider if
the property should pass outright to the heirs or be held in a trust?
There are many different types of trusts available and the provisions can
offer extreme flexibility.
Some common
types of trust provisions:
-
A separate trust for each child with the trust ending
when child reaches age 25.
-
A common trust for all children ending when oldest
[or youngest] child reaches age 25.
-
A trust for the benefit of a spouse or another family
member for their life with the remainder going to the children.
-
A trust for the benefit of a spendthrift or person
with credit problem for their life with the remainder going to that person's
children.
-
A trust for the benefit of a disabled child for their
life with the remainder going to other children.
-
A trust for benefit of a spouse (second marriage)
for their life with the remainder going to the children from the first
marriage.
-
A trust to protect a personal residence from estate
taxes.
Please
click on the titles below for descriptions of the different types of trusts.