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Types of Personal Trusts

A variety of trusts offer flexibility to meet your current and future needs

Different kinds of trusts are designed to meet different objectives. Whether your goal is to ensure privacy in the settlement of your state, centralize control of assets, or take full advantage of state tax credits provide by the IRS, there are many different types of trusts available for you to choose.

Some of the trusts offered from ANBTrust include:

Living Trust

A living trust allows you to remain both the trustee and the beneficiary of the trust while you’re alive. You maintain control of your assets and receive all income and benefits. Upon your death, a designated successor trustee manages and/or distributes the remaining assets according to the terms set in the trust, avoiding the probate process.

Special Needs Trust

A special needs trust is typically designed to benefit a disabled individual and provides for supplemental care. Instead of giving assets to the beneficiary directly, assets are transferred to a special needs trust by family members or as damages paid because of a lawsuit, and those assets are available for the beneficiary without disqualifying him or her from  government programs such as Social Security Income and Medicaid.

Survivors Trust

A survivor’s trust is a trust created by an individual during life, and becomes irrevocable after his or her death, providing for a surviving spouse, domestic partner or other loved one(s). “Survivor's trust” is a general term for a variety of common trusts, including trusts referred to as A-B trust, marital trust, family trust, bypass trust or credit shelter trust.

Charitable Lead Trust

A charitable lead trust (CLT) benefits your favorite charity while serving your own trust needs. It lets you pay a charity income from a particular asset for a designated amount of time, after which the principal goes to the beneficiaries, who can receive the property free of estate taxes.

Charitable Remainder Trust

A charitable remainder trust (CRT) allows you to receive income and a tax deduction at the same time, and ultimately leaves your assets to a charity. Through this trust, the trustee will sell the donated property or assets, tax-free, and establish an annuity payable to you, your spouse or your heirs for a designated period of time, with the remaining assets going directly to the charity.

Generation-Skipping Trust

A generation-skipping trust can help preserve your generation-skipping transfer tax exemption on bequests to your grandchildren and avoid the tax on bequests exceeding that amount, which could exceed 40%.

Irrevocable Life Insurance Trust

An irrevocable life insurance trust (ILIT) is often used as an estate tax funding mechanism. Under this trust, you make gifts to an irrevocable trust, which in turn uses those gifts to purchase an insurance policy on your life. Upon your death, the policy’s death benefit proceeds are payable to the trust, which in turn provides tax-free cash to help beneficiaries meet estate tax obligations.

Contact us in person or at 800.837.6584 for more information about a trust solution to meet your estate objectives, which may include living trusts, charitable trusts, special needs trusts or irrevocable trusts.

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