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Personal needs are part of trust planning

As some Florida residents may know, establishing a trust is one method which some people utilize in their estate planning. There are several different types of trusts, and determining which one is right can be important. In each instance, a trust is created by a grantor, with the property therein being managed by a trustee for the benefit of the trust's beneficiaries.

Revocable trusts, also called living trusts, are able to be modified or cancelled if the grantor wishes to do that during his or her lifetime. This estate planning tool lets the beneficiaries receive the assets upon the grantor's death without the need for probate. However, this type of trust does not provide asset protection from creditors.

Irrevocable trusts are not able to be changed once the trust is established. This sort of trust is used to bequeath assets to heirs and protect assets from creditors. Once created, irrevocable trusts are untouchable, even by creditors. Testamentary trusts are those that are created under the provisions of a will. This type of trust goes into effect when the grantor dies, but it goes through the probate process.

A special needs trust is a vehicle for helping an individual with disabilities. It allows the individual to have access to assets without interfering with the person's ability to receive aid from government programs such as Medicaid. Charitable trusts are used to donate to a charity upon one's death. It helps avoid gift or estate tax and has other tax benefits for the grantor.

Setting up a trust may benefit from the insight an estate planning attorney might provide. Legal counsel can also suggest other types of documents that may be applicable to a client's particular family or financial situation.

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