Trusts

Trusts, like wills, focus on the movement of assets; however trusts can be used both during and after the grantor's life. They generally require an initial cash outlay and attorney fees, which tends to make them more expensive than a will. Some trusts can provide tax benefits or focused on charitable giving, but in general trusts should be utilized by those with more complex financial needs or estates.

Why To Use Trusts

Quicker and potentially cheaper process to move assets to beneficiaries after death.
Some trusts can provide tax benefits.

Disadvantages Of A Trust

Large initial cash outlay, generally more expensive to do a living trust than a will.
Requires the assistance of an Attorney.

Charitable Trusts

Allows individuals to make charitable donations to their chosen organization and receive tax deductions and benefits.

Testamentary Trust

Focuses on reducing estate tax liabilities, avoiding probate and ensure professional management of the estate.

Irrevocable Trust

Trusts established to control the flow of assets from the grantor to beneficiaries while potentially reducing estate taxes.

Revocable/Living Trusts

Provides a vehicle to manage personal assets during someone's lifetime or designate someone else to manage it on your behalf.