Common Types of Trusts

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the most common is revocable trusts

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revocable trusts or trusts that are

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created by you these are trusts that

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could be amended at any time but they’re

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designed to hold assets to avoid probate

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to gain certain tax advantages to make

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sure that assets go to children at a

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defined age maybe not 18 maybe 30 35 or

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later the most common type of trust is

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what’s called a revocable trust the

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revocable trust becomes irrevocable when

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you pass away or become incompetent but

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while you’re alive you can freely make

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changes to it and nothing changes in

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your life the only thing that you’re

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going to notice that’s different is the

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name on on your accounts might be

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different but you’re allowed to buy and

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sell assets freely you can move assets

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freely there’s tremendous advantages to

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doing and creating a revocable trust

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other types of trusts

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can get very complicated irrevocable

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life insurance trusts

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Grant or retained annuity trusts grats

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for sure there’s a whole alphabet soup

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of trusts out there that are very

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complex and can definitely help our

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clientele

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but I’m a big fan of not over lawyering

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files so if it’s something that’s not

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appropriate we’re not going to do it for

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you but understand that there is a

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multitude of trusts out there that can

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deal with the number of situations

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another common trust would be a special

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needs trust and so if you’re a parent

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with a child with special needs or a

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loved one that’s on some means-based

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program such as Medicaid for example or

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Social Security there are certain trusts

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such as special needs trusts that can be

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created to allow them to continue to

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receive benefits under those government

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programs but also receive certain

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inheritances from family and loved ones