Trusts come in many "variations," they can be simple or complex, and serve various legal, personal, investment or tax planning purposes. At the most basic level, a trust is a legal entity with at least three parties involved:
The trust-maker, the trustee (trust manager), and the trust beneficiary. Oftentimes, all three parties are represented by one person or a married couple. In the case of a revocable living trust, for example, a person may create a trust (the trust-maker) and name themselves the current trustees (trust managers) who manage the trust assets for their own benefit (trust beneficiary).
Depending on the situation, there may be many advantages to establishing a trust, including avoiding probate court. In most cases, assets owned in a revocable living trust will pass to the trust beneficiaries (or heirs) immediately upon the death of the trust-maker(s) with no probate required.
Certain trusts also may result in tax advantages both for the trust-maker and the beneficiary. Or they may be used to protect property from creditors, such as the nursing home, or simply to provide for someone else to manage and invest property for the trust-maker(s) and the named beneficiaries. If well drafted, another advantage of trusts is their continuing effectiveness even if the trust-maker dies or becomes incapacitated..
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Trusts: Revocable Living Trusts, Irrevocable Trusts, Testamentary Trusts, Special Needs Trusts, etc.
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Elder Law & Estate Planning Center
Brian T. Treacy, LLC
The Elder Law & Estate Planning Center (located in Bluffton , South Carolina) is a full service South Carolina Estate Planning Law Firm. Elder Law & Estate Planning focuses on fundamental estate planning, Elder Law, Veterans benefits, wills & trust planning, powers of attorney, Medicaid application & qualification, long-term care planning, probate & estate administration, Medicaid crisis planning, special needs & disability planning, Aid & Attendance qualification, charitable planning, estate tax planning, and asset protection. Elder Law & Estate Planning services families and individuals throughout Bluffton, Beaufort, Hilton Head, and Hardeeville, SC