An A/B trust is generally used for married couples wishing to maximize their lifetime exemption from federal estate taxes. An A/B trust is generally created when both spouses have combined assets exceeding the federal exemption amount.

This is another type of irrevocable trust that when created by the Grantor, generally cannot be changed or altered. However, a Charitable Remainder Trust is created for two different sets beneficiaries. The Charitable Remainder Trust is created to pay the income from the trust to a set of beneficiaries during their lifetime and then to distribute the principal of the trust to specific charities.

The Generation Skipping Trust is designed to skip a generation and have the principal of the trust be distributed to the next generation. The income from the trust is distributed to the middle generation but because they never own the property of trust, they can avoid estate tax upon their death.

A Grantor Annuity Trust is an irrevocable trust created by the Grantor for his or her benefit. Assets are placed in the trust and the Grantor receives a fixed amount of income for a specified period of time or until the Grantor’s death. If the trust fails to produce sufficient income of the specified amount, the principal of the trust is then used to supplement the deficiency.

An ILIT works the same way as an irrevocable trust, which means it cannot be altered or changed once the Grantor creates it. However, with an ILIT, it specifically deals with an insurance contract and the proceeds from the contract. The primary purpose of an ILIT is to reduce estate taxes of the insured.

An ILIT works the same way as an irrevocable trust, which means it cannot be altered or changed once the Grantor creates it. However, with an ILIT, it specifically deals with an insurance contract and the proceeds from the contract. The primary purpose of an ILIT is to reduce estate taxes of the insured.

An ILIT works the same way as an irrevocable trust, which means it cannot be altered or changed once the Grantor creates it. However, with an ILIT, it specifically deals with an insurance contract and the proceeds from the contract. The primary purpose of an ILIT is to reduce estate taxes of the insured.

An ILIT works the same way as an irrevocable trust, which means it cannot be altered or changed once the Grantor creates it. However, with an ILIT, it specifically deals with an insurance contract and the proceeds from the contract. The primary purpose of an ILIT is to reduce estate taxes of the insured.

Marital deduction provisions may be inserted into wills or trust documents alike. The intent of using such language is to take advantage of the deductions afforded to married persons by the Internal Revenue Code at one’s death. If properly structured, a married couple can distribute property at their death in an estate tax efficient manner resulting in lower estate taxes and increased inheritance to their family.

A children’s trust can be set up as part of a will or outside of a will to provide funds for a child.

A revocable trust can be amended or discontinued at any time, unlike an irrevocable trust which cannot be modified or discontinued. Revocable trusts are generally created to transfer assets from a person individually for the benefit of themselves or their heirs. It avoids probate and it is not open to the public.

A special needs trust is designed for individuals who need continuing care due to a physical or mental illness. A special needs trust is created to provide for supplemental and extra care over and above that which the government provides.

Testamentary trusts are trusts that go into effect at the grantor’s or maker’s death as opposed to during their life like an inter vivos trust. Testamentary trusts offer the grantor the ability to maintain flexibility during their life exercising control over the trust assets and eliminating the hassles of administering a trust during their life. This vehicle is commonly used to provide for distribution of property and for estate tax planning.