| 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... |
