Irrevocable Trust

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Trust is a legal entity in which you can place certainrnassets to accomplish specific goals. There are many different types of trusts,rneach used for different purpose. The following are some of the most commonrntypes of trusts:

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Revocable Trust – This is a trust that you can make changesrnto at any time, or even be revoked the trust entirely. It is used forrntestamentary planning to avoid or ease the process of probate.

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Irrevocable Trust – Most often used for lifetime planning,rninvolving gifting, business planning and succession, wealth succession,rnpre-marital planning, asset protection and planning for lifetime events (suchrnas children’s marriages, new grandchildren, new business ventures, loss of jobrnor medical insurance, retirement)

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Special Needs Trust – created to help provide care for  chronically disabled individuals (children,rnparents, siblings). Can be created during lifetime or at death.

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Generation Skipping Trust – If you want to pass money downrnto your grandchildren, or other heirs at least two generations away, this typernof trust can help accomplish that goal while bringing significant tax savings.

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Charitable Trust – You can leave an income stream to arnspecific charity in a trust and leave the remainder for your descendants (orrnthe other way around) to take advantage of charitable income tax deductions orrnestate tax deductions.

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Business succession trust – rnused to centralize control over family business or assets.

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Life insurance trust – created to hold a policy on your lifern(or a policy on a life of another individual). This trust presents an effectivernway to give your heirs easy access to cash at you death to payfor your deathrntaxes or to ensure available liquidity if you have a relatively illiquid estaternand worry about a fire sale at death.

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