| A revocable trust gives fiduciary control over your assets to a trustee for your benefit or that of another beneficiary. As long as you are alive, you can change or cancel a revocable trust, once you die it becomes irrevocable. |
Irrevocable Trust
| Once you set up an irrevocable trust, the assets in it are no longer yours and typically you cannot make changes without the beneficiary's consent. But the appreciated assets in the trust are not subject to estate taxes. |
Supplemental or Special Needs Trust
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Normally set up to provide benefits for a disable person while maintaining his or her eligibilty for government assistance. The key here is that no assets pass directly to the beneficiary. The trustee - who should not be the beneficiary - can distrubute funds from the trust to pay for things that government programs will not cover. |
Insurance Trust
| This irrevocable trust purchases a life insurance policy for you, thus removing it from your estate - and from estate taxes - but allowing you to maintain legal control over how the proceeds can be spent. |
Ethical Will
| An essay or letter that sets out your thoughts and wishes about how you want your heirs to live. It is not legally binding but can help your heirs understand your intentions in dividing your estate. |
