Are There Different Types of Trusts?
A trust can play a prominent role in estate planning, but many people do not know much about trusts. A trust is set up by the grantor, also referred to as the “settlor” or “creator,” of the trust. It is then funded by transferring property into the trust. The property and...
How Are Irrevocable Trusts Taxed?
An irrevocable trust can come with many benefits. Its primary characteristic is the fact that the creator of the trust cannot amend the terms of the trust nor can the creator spend trust funds for anyone other than trust beneficiaries unless the terms of the trust permit it. In certain instances, the trust...
How Are Revocable Trusts Taxed?
A trust can be a valuable estate planning tool for a number of reasons. For instance, a trust can provide a safe place for valuable assets to be held for an extended period of time with the intent to eventually leave them to a loved one. With this, a person can protect...