“Understanding the Main Types of Trusts”

Creating a Trust can be a major part of your Estate Plan. In fact, when considering any kind of asset protection, a Trust often comes into play. It is important to understand the different types of trusts, what they are for, and how they can benefit you in your situation.

For example, a Revocable Trust allows you to regain control of the assets protected during your lifetime, thus effectively working to help you manage your finances. It can also be used to distribute funds after your death, according to your wishes, as stated in the language of the Trust. An Irrevocable Trust, however, does not allow you to regain control of the assets during your lifetime, and in doing so, allows you to be eligible for several income and asset based government programs, such as Medicaid.