If you wish to avoid an asset having to pass through probate, using a trust should be part of your estate plan. At Grand Strand Law Group, LLC in Myrtle Beach, we are ready to help you understand what type of trust will help you achieve your goals and is best suited to your needs.
We can help you create a comprehensive estate plan that includes any of the following types of trusts:
- Revocable trust/living revocable trust: A trust that can be altered or revoked by the settlor (person who established the trust).
- Irrevocable life insurance trust: A trust that consists of a life insurance policy that cannot be altered or revoked by the settlor after its creation unless the consent of all the beneficiaries is acquired.
- Grandchild trust: A trust created for a grandchild that may include funds for living expenses, education, etc. If the grandchild is a minor, a parent is typically the trustee.
- Trust for minors: Like a grandchild trust, this type of trust is meant to protect assets for minors (under the age of 18).
- Qualified personal residence trust (QPRT): An irrevocable trust that is created to protect primary and/or secondary homes from tax consequences by removing the residence’s value from the taxable estate.
- Grantor retained annuity trust (GRAT): A trust that is established for the purpose of making sizable financial gifts to children or other family members without gift tax penalties.
- Special-needs trust: A trust for a disabled or mentally ill individual that sets aside assets, preserves access to government benefits and provides direction about his or her care. This trust is sometimes used in conjunction with guardianship and conservatorship.