Irrevocable Trust

are manyrndifferent types of trusts, each used for different purpose. The following arernsome of the most common types of trusts:

RevocablernTrust – This is a trust that you can make changes to at any time, or even bernrevoked the trust entirely. It is used for testamentary planning to avoid orrnease the process of probate.

IrrevocablernTrust – Most often used for lifetime planning, involving gifting, businessrnplanning and succession, wealth succession, pre-marital planning, assetrnprotection and planning for lifetime events (such as children’s marriages, newrngrandchildren, new business ventures, loss of job or medical insurance,rnretirement)

SpecialrnNeeds Trust – created to help provide care for rnchronically disabled individuals (children, parents, siblings). Can berncreated during lifetime or at death.

GenerationrnSkipping Trust – If you want to pass money down to your grandchildren, or otherrnheirs at least two generations away, this type of trust can help accomplishrnthat goal while bringing significant tax savings.

CharitablernTrust – You can leave an income stream to a specific charity in a trust andrnleave the remainder for your descendants (or the other way around) to takernadvantage of charitable income tax deductions or estate tax deductions.

Businessrnsuccession trust –  used to centralizerncontrol over family business or assets.

Liferninsurance trust – created to hold a policy on your life (or a policy on a lifernof another individual). This trust presents an effective way to give your heirsrneasy access to cash at you death to payfor your death taxes or to ensurernavailable liquidity if you have a relatively illiquid estate and worry about arnfire sale at death.