Trusts 

A trust is a legal arrangement in which a Grantor transfers ownership of specified assets to a Trustee, who manages those assets according to the terms of the trust. Trusts can be used to manage assets during the Grantor’s lifetime and to direct how those assets are distributed after death.

Common types of trusts include revocable trusts, irrevocable trusts, special needs trusts, and testamentary trusts.

• A revocable trust can usually be changed or revoked during the Grantor’s lifetime, making it a flexible planning tool.
• An irrevocable trust generally cannot be changed once established, but it may offer greater asset protection and tax planning benefits.
• A special needs trust is designed to hold assets for a beneficiary with a disability without jeopardizing eligibility for certain public benefits.
• A testamentary trust is created through a will and does not take effect until after the Grantor’s death, often allowing assets to be managed over time for minor children or other beneficiaries.