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Trust

  • What is a Trust?
  • Can a Trust be a valuable Estate Planning option for you?
  • What are the different types of Trust?



A Testamentary Trust is a trust within a Will and it does not come into existence until you die. So, your family will not avoid a succession. Also, the property and assets the Testamentary Trust mentions stays in your name until you die, thus you never start the “5 year look back” if that is a concern for you in reference to Nursing Home issues.



A Living Trust is a trust that you create while you are Living and you control it while you are Living. As opposed to a Testamentary Trust which does not come into existence until the person who established the Testamentary Trust dies.



A Revocable Living Trust is a trust that you create while you are Living and you control it while you are Living. The main goal of a Revocable Living Trust is to avoid a succession. Most clients who create a Revocable Living Trust are not concerned with Nursing Home or Medicaid issues.



An Irrevocable Living Trust is a trust that you create while you are Living and you control it while you are Living. The main goal of an Irrevocable Living Trust is to address concerns with Nursing Home or Medicaid issues, an additional benefit of an Irrevocable Living Trust is it will avoid a succession. An Irrevocable Living Trust allows a Trustee to start the “5 year look back” period for Nursing Home issues.