A trust is a legal entity with separate and distinct rights, similar to a person or corporation. In a trust, a party known as a trustor gives another party, the trustee, the right to hold title to and manage property or assets for the benefit of a third party, the beneficiary.

Trusts are a very misunderstood and sometimes misused entity. Trusts are either Revocable or Irrevocable. For Income Tax purposes they are either Grantor or Non-Grantor. They can be Simple or Complex.  They can be inter vivos or testamentry. They can be taxed or tax exempt. They can be Domestic or Foreign. 

As you can see there are many types and forms of Trusts and the right one is based on your own individual needs and objectives. One size does not fit all.

If you are in need of basic Estate Planning, then a Revocable Family Trust is what you may need. If you are in need of more sophisticated planning, than this is a good place to start  and then implement  strategies where other types of Trust can be beneficial.

In general Trusts provide the following Benefits:

• Customizing and controlling how your wealth is distributed.
• Minimizing federal or state taxes.
• Addressing family dynamics; for example, divorce or blended families.
• Helping a parent or other relative manage their financial affairs.
• Avod Probate
• Income Tax Spitting