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Trusts
Revocable Living Trust
A revocable living trust is a legal arrangement established during a person’s lifetime that allows them to retain control over their assets while specifying how those assets should be managed or distributed after their death. It is revocable, meaning the grantor can modify or cancel it at any time, offering flexibility in estate planning. This trust also helps avoid probate, enabling a faster and smoother transfer of assets to beneficiaries upon the grantor’s passing.
Asset Protection Trust
An asset protection trust is a special type of irrevocable trust created to safeguard assets from creditors, lawsuits, or legal judgments, ensuring the grantor's wealth is protected from potential future claims. It allows the grantor to retain certain benefits from the assets while strategically using it as a tool in estate planning to secure financial stability against liabilities.
Special Needs Trust
A special needs trust is a legal arrangement created to provide financial support for individuals with disabilities, ensuring they can access additional resources to improve their quality of life. It is specifically designed to manage assets in a way that does not jeopardize the beneficiary's eligibility for essential government benefits, such as Medicaid or Supplemental Security Income (SSI).
Qualified Income Trust
A qualified income trust (QIT), also known as a Miller Trust, is a legal tool designed to help individuals with income exceeding Medicaid eligibility limits still qualify for Medicaid benefits. It allows them to divert excess income into the trust, ensuring it isn’t counted towards their Medicaid eligibility, while the funds are managed and used for approved expenses like medical care or personal needs.
Qualified Terminable Interest Property Trust
A Qualified Terminable Interest Property (QTIP) trust is a type of trust used in estate planning that allows a surviving spouse to receive income from the trust for their lifetime, while ensuring the remaining assets ultimately go to the grantor's chosen beneficiaries. This trust provides for the surviving spouse while allowing the grantor to control the final distribution of assets and potentially minimize estate taxes.
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