Trusts and Generational Estate Planning: Why You Can't Always Trust Your Trust
Adult / Enrichment -
The trust is a very popular component and tool to be used in our estate planning. However, there is a variety of vastly different trust options to be used and the question arises: "Am I using the right trust for my needs and goals?" Often used trusts include: Living Trusts, Testamentary Trusts and Irrevocable Trusts. Each serves a different purpose; each has a different result. One common problem that often needs addressing is the over-utilization of the Living Trust for goals or problems that it does not resolve. For example, "Does my living trust protect my assets against Medicaid and the nursing home? The answer is probably not. The Irrevocable Trust and the Testamentary Trust each have their strengths and weaknesses as well. We will clearly define the strengths and weaknesses of these different types of trusts and when to use them.