Trusts and estates Irrevocable trusts

A surviving spouse or other family members receive the credit shelter trust’s income, in addition to the principal as needed. The spouse may have access to whatever assets are required from the principal to cover costs for health, education, maintenance and support. Upon the death of the surviving spouse, remaining assets are distributed to children or other designated beneficiaries.

You shelter your trust assets from most future creditor claims with this type of trust. 

This trust offers opportunities for tax-efficient growth to benefit multiple succeeding generations.

This powerful, but complex, trust offers the potential for tax-efficient transfers of rapidly appreciating assets to beneficiaries, while allowing you to receive annual income from the trust.

A married couple sets up this trust to take advantage of the federal estate tax marital deduction. After the death of one spouse, income from the trust is distributed to the surviving spouse. In some cases, trust principal can also be distributed.

You can potentially reduce your estate tax liability by giving your home or vacation property to your beneficiaries while you still live in it.

A QTIP trust typically benefits both a surviving spouse and children from a prior marriage. It’s a type of marital deduction trust and is often used in tandem with a credit shelter trust.

A trustee legally manages a disabled person’s resources. The assets are owned by the trust – not the individual with special needs – which allows the individual to access public assistance benefits.