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Irrevocable Trusts Using an irrevocable trust allows you to minimize estate tax, protect assets from creditors and provide for family members who are under 18 years old, financially dependent, or who may have special needs.

Make a living trust: A quick checklist List your assets and decide which you'll include in the trust. Gather the paperwork. Decide whether you will be the sole grantor. Choose beneficiaries. Choose a successor trustee. Choose someone to manage property for minor children. Prepare the trust document. Sign and Notarize.

A split trust is also called a split-interest trust. It's a type of trust account that allows you to donate to charity and save on taxes while leaving money for other beneficiaries. An example is a parent who wants to donate money to a charity and also wants to pass on money (or other assets) to their children.

The Revocable Trust (often referred to as a ?Living Trust?) is a popular and effective estate planning technique. It can provide an excellent way to manage, protect and distribute your assets during your lifetime, in the event of incapacity, and after your death.

Upon the decedent's death, the typical "A/B Trust" is divided into two subtrusts, which are often referred to as the ?Survivor's Trust? and the "Decedent's Trust." It is called an A/B Trust because the Survivor's Trust is referred to as Trust A, and the Decedent's Trust is referred to as Trust B.

The Disadvantage of a Revocable Living Trust Expansive: Creating a revocable living trust can be more expensive than a simple will due to legal fees and document preparation. Complexity: Managing a trust requires ongoing paperwork and record-keeping, which can be burdensome and time-consuming.