There are so many different types of Trusts….
“The duck goes CLAT, CLUT, CRAT, CRUT…”
No, no, no… the duck goes Quack, Quack, Quack! But, the Trusts do go CLAT, CLUT, CRAT, CRUT. – There are many different types of Trusts with even more specifically tailored nuances of these Trusts designed to meet all sorts of taxpayer needs. Contact me to further explore what they do, how they work and why you might want one!
- Revocable Trust
- Irrevocable Trust
- Special Needs Trust
- Life Insurance Trust
- Spendthrift Trust
- Charitable Lead Annuity Trust (CLAT)
- Charitable Lead Unified Trust (CLUT)
- Qualified Personal Residence Trust (QPRT)
- Charitable Remainder Annuity Trust (CRAT)
- Charitable Remainder Unified Trust (CRUT)
- Family/Dynasty Trust (Bypass, Credit Shelter Trust)
- Generation Skipping Trust
Even within the above categories of Trusts, there are a variety of permutations to fit different needs. And this is just a sampling… Trusts have been a desired vehicle for both asset protection and preservation. They can help guard against family discord. And they can help reduce current or future tax debt. A Trust might just be the right financial tool for you! But they can be complex and it is important to ensure they are done correctly!
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