Revocable Living Trust
A revocable living trust is a trust that is established during your lifetime. You transfer assets to the trust, to be held and managed by a trustee, for the benefit of your beneficiary(ies). You dictate to whom your assets will pass, and when and how they will be transferred. By naming yourself(ves) as trustee(s) during your lifetime, you retain the same control of your assets as prior to the creation of the trust. A properly created and funded trust will in almost every circumstance allow your estate to bypass the probate process, minimizing the time and costs to your estate during the administration process.
Retirement Asset Trust
A retirement asset trust (RAT) is a trust that you can establish that can minimize the tax consequences and maximize the value of your retirement assets that pass to your beneficiaries. The RAT can force your beneficiary(ies) to ‘stretch’ the distributions from your retirement assets over their life expectancy which maximizes the assets’ growth while minimizing the income tax consequences.
Special Needs Trust
A special needs trust (SNT), or supplemental needs trust, is a trust designed to provide for a beneficiary that is currently, or may potentially in the future, be receiving certain types of need based government benefits. If a special needs beneficiary were to receive an inheritance outright, he/she would likely be disqualified from receiving those benefits until the inherited assets were exhausted.
The SNT can ensure that your special needs beneficiary will continue to receive government benefits, while at the same time preserving your assets to be used to provide amenities to the beneficiary above and beyond what government benefits can provide. You can then dictate where any remaining assets will pass upon the death of the special needs beneficiary.
Gun Trust or Firearm Trust
A gun trust is a trust drafted specifically to own and transfer firearms. Gun trusts can own typical firearms (pistols, rifles, etc.) and also firearms that are regulated under the National Firearms Act (machine guns, short barrel shotguns and rifles, silencers, etc.). A gun trust can expedite the acquisition and transfer of a firearm and minimize transfer costs. The trust can avoid the unintentional crime of unauthorized possession and the loss of the firearm(s) as a result thereof. Establishing a gun trust can ensure that your firearms are held and eventually transferred in the manner that you choose.
A pet trust, or honorary trust, is a trust that is established to provide for the care of your pets after your death. You can provide funds and select a guardian to care for your pets after you have passed. You can decide who will receive any remaining assets after your pets have passed on.
A discretionary trust is a trust that can be established that provides the trustee with the discretion to make distributions to a beneficiary.
This protects the beneficiary from themselves, by not allowing him/her to squander an inheritance received in a lump sum. This also protects your assets from the creditors of the beneficiary because, generally speaking, while the assets are held in a discretionary trust, they are insulated from creditors of the beneficiary.
An education trust is a trust that is established for the purpose of providing funds for the educational expenses of your beneficiary(ies). You can decide exactly what types of expenses your trust will cover, and how the assets will be distributed (i.e. directly to an education institution).