A dynasty trust is a type of trust that is created to pass wealth from generation to generation while avoiding taxes—forever—or at least as close to forever as possible. Some states are more liberal than others when it comes to dynasty trust. In California, a dynasty trust can exist for 90 years. In other states…
Continue reading ›A charitable lead trust (CLT) is a trust where assets are transferred to a trust for the benefit of a charitable entity. The CLT then makes payments to one or more charities for fixed duration of time or for the lifetime of a selected individual. When the CLT’s term ends, the remaining assets are transferred…
Continue reading ›A charitable remainder trust or (CRT) is a type of irrevocable trust that allows the person who creates it (called the “Grantor”) to receive income from the trust and even split the income with other beneficiaries for a period of time. After the period expires, the assets that remain in the trust are gifted to…
Continue reading ›A Spousal Lifetime Access Trust or “SLAT” is a special type of irrevocable trust. A SLAT is created by one spouse for the benefit of the other. The spouse who creates the SLAT is referred to as the grantor and the spouse who receives gifts from the SLAT is referred to as the beneficiary spouse. …
Continue reading ›A QTIP trust or a qualified terminable interest in property trust is a type of irrevocable trust that allows the person who creates the trust (the Grantor) to provide for a surviving spouse during her life but also maintain control over the trust’s assets once the surviving spouse dies. The QTIP may be set up…
Continue reading ›
