TRUST TYPE | PRIMARY PURPOSE AND GOAL |
Revocable Living Trust
aka Living Revocable Trust
aka Family Living Trust
(or a mixture of the words)
| Avoid probate and
Keep assets in friendly hands
in case of incapacity |
Minor's Trust |
Give assets to your children
Provide for education
Reduce income and estate tax |
Preservation Trust |
Provide security for loved ones
Protect assets |
Medical Trust |
Provide medical care for loved ones
and/or... long term convalescent care |
Totten Trust |
Provide bank account for a minor |
Education Trust |
Provide for education costs |
Business Maintenance Trust |
Keep a business through generations |
Custodial Trust |
Provide management for minors
handicapped, or seniors |
Q-TIP Trust |
Provide lifetime income for surviving spouse
Direct assets to chosen heirs
Defer estate tax
|
Life Insurance Trust |
Reduce estate tax
Provide liquidity for heirs
|
Dynasty Trust |
Maintain family assets for generations
|
Legacy Trust |
Maintain family goals for generations
|
Charitable Remainder Trust |
Provide retirement income
Provide income for surviving spouse
Avoid capital gains tax
Transfer assets to charity
|
Credit shelter Trust |
Reduce and defer estate tax
Provide lifetime income for a
surviving spouse
|
Retained Interest Trust |
Reduce estate tax
Provide income during trust term
|
Personal Residence Trust |
Reduce estate tax
Provide use of house during lifetime
|
S corporation Trust |
Reduce estate tax
Facilitate transfer of a family business
|
Generation Skipping Trust |
Reduce estate tax
Keep assets in family for generations
|
Private Asset Trust aka Asset Protection Trust |
Privately safeguard personal wealth
and/or reduce estate tax
|
Special trusts |
Many, many other types... |