I often have clients come to my office to tell me that they need a trust. When asked what type of trust, I typically get a blank stare. And this is nothing to be ashamed of. Many attorneys that do not specifically practice in this area of law are also baffled. There are many, many types of trust, each with its own purpose. The type of trust, if any, that is right for you will vary depending on your goals and objectives, whether that be tax planning, asset protection, spendthrift issues, or otherwise.
In this article from estateplanning.com, they review some trust basics and then provide an introduction to a number of these lesser-known trusts and things called “trusts.”
It is the job of your attorney to explain the differing types of trusts and the pros and cons. For more information, please call Charles Bratton for an appointment to answer any questions you may have. 856-857-6000