Marital Children

A trust gives you the ability to name specific beneficiaries, and once you do, your intentions cannot be changed after the fact. This means that you will be able to specifically name your children as beneficiaries of the trustand even exclude certain children if that is your choiceand your wishes will be carried out.

Revocable Trusts. Irrevocable Trusts. Testamentary Trusts.

Less than 2 percent of the U.S. population receives a trust fund, usually as a means of inheriting large sums of money from wealthy parents, according to the Survey of Consumer Finances. The median amount is about $285,000 (the average was $4,062,918) enough to make a major, lasting impact.

Assets of minor children should always be held in trust. You do not want children under 18 inheriting assets. While they are under 18, their guardian or conservator will control the money for them.

Livings Trusts. A living trust is usually created by the grantor, during the grantor's lifetime, through a transfer of property to a trustee. Testamentary Trusts. Irrevocable Life Insurance Trust. Charitable Remainder Trust.

Two main types of trusts: Revocable and irrevocable trust All trusts fall into one of two categories: revocable or irrevocable.

Revocable Trusts. Irrevocable Trust. Asset Protection Trust. Charitable Trust. Constructive Trust. Special Needs Trust. Spendthrift Trust. Tax By-Pass Trust.

A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.

Paperwork. Setting up a living trust isn't difficult or expensive, but it requires some paperwork.Record Keeping. After a revocable living trust is created, little day-to-day record keeping is required.Transfer Taxes.Difficulty Refinancing Trust Property.No Cutoff of Creditors' Claims.