Different Types of Trusts, Elder Law Attorney, Woodstock, GA - Nelson Elder Care Law & Estate Planning in Georgia
Required

Different Types of Trusts, Elder Law Attorney, Woodstock, GA


While all trusts share some similarities, there are many different types of trusts that you can use as part of your estate plan. For that reason, it is helpful to know what some of your alternatives are if you are considering getting a trust.

Trusts can be a bit confusing. Everyone knows the basics. Trusts are a legal entity managed by a trustee for the benefit of others. Beyond that, however, trusts can get murky as there are many different types of trusts that are sometimes confusing to non-experts.

To help people overcome trust confusion, the Wills, Trusts & Estates Prof Blog recently published a short list of different types of trusts in an article titled “Choosing A Trust.”

The list includes:

  • Credit Shelter Trust – With this trust a spouse can leave everything to a surviving spouse in a will, but direct that everything be placed into the trust while maintaining the estate tax benefits.
  • Clayton QTIP Trust – Similar to the more well-known QTIP trust, but if a QTIP election is not made, it acts like a credit shelter trust.
  • Irrevocable Life Insurance Trust – These trusts are created to be the beneficiary of life insurance policies, which keeps the payout from those policies outside of the estate for tax purposes.
  • Charitable Remainder Trusts – Directs that assets be paid to the beneficiaries for life with anything left over distributed to charity.

If you have questions about these or other types of trusts, consult an experienced estate planning attorney. He or she can help you select the type of trust best for your unique circumstances.

Reference: Wills, Trusts & Estates Prof Blog (February 13, 2015) “Choosing A Trust.”

Hear From Our Clients
tes-prev
tes-next

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben