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March 28th, 2011

What is a Special Needs Trust?

(Estate Planners) - The special needs trust, which is sometimes referred to by the term ‘supplement needs trust’ is a trust that is designed to benefit a disabled child after your death. This trust involves the appointment of a trustee who will hold property for the child’s benefit. The special needs trust can provide for the child’s needs without legally disqualifying the child from receiving the benefit of government programs like Social Security, Supplement Security Income, or Medicaid.

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March 21st, 2011

What is a Revocable Trust?

(Estate Planners) - If you have concerns about how the beneficiaries of your estate will manage their inheritance when you have passed away, a revocable trust may be the best option for you. There is often at least one heir in the family who has trouble managing their money, and leaving that individual with a large sum could end up with disastrous results.

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March 14th, 2011

What is a Totten Trust?

(Estate Planners) - The Totten trust is actually a trust in name only. In actuality, a Totten trust does not involve a trust document or trust instrument. The Totten trust is an informal trust arrangement that is accomplished simply by titling an asset or bank account in the fashion of “Ricky Ricardo in trust for Lucy Ricardo”. In this way, Ricky would be in complete control of the account or asset and have total access to the account or asset during his lifetime, but when he passes away, the property would automatically pass to Lucy without the hassle and red tape of probate court, giving Lucy immediate access to the account or asset.

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March 7th, 2011

What is a Charitable Split-Interest Trust?

(Estate Planners) - A split-interest charitable trust will allow you to pass the wealth that you accumulate during your lifetime to your heirs in a manner that promotes tax efficiency while also allowing you to support your favorite charity, either now or on down the road. The split-interest charitable trust’s name is derived because the financial interest from these trusts is split between a charity and a non-charity (your heirs).

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