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Know about different types of trusts you might utilize

One way that you can work to care for your loved ones after you pass away is to establish and fund trusts for them. When you do this, you place assets in the trusts and a trustee cares for the assets with the purpose of using them for the benefit of the recipient. If you opt to do this, there are some special considerations that you need to think about from the start.

First, not all trusts are created equally. Trusts can be either revocable or irrevocable. An irrevocable trust can't be dismantled by you. Once you set it up, it is done. A revocable trust can be dismantled by you.

Second, the specific type of trust you choose matters. For example, a special needs trust can help you provide for a loved one who receives government assistance without impacting the assistance. This is especially helpful if you have a child or another loved one who relies on Supplemental Security Income (SSI) or Medicaid since the holdings of the trust are controlled by the trustee, the trust value doesn't count toward the person's asset limit.

When you are ready to establish trusts, you need to think about the situation and determine what type of trust might be the most appropriate for the situation. You shouldn't delay getting things moving since you never know exactly how long you have. Instead, get to work on this, as well as other aspects of your estate plan so that you can rest assured in knowing that your loved ones are taken care of if something happens to you.

Source: FindLaw, "Trusts: An Overview," accessed June 23, 2017

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