the most common is revocable trusts

revocable trusts or trusts that are

created by you these are trusts that

could be amended at any time but they’re

designed to hold assets to avoid probate

to gain certain tax advantages to make

sure that assets go to children at a

defined age maybe not 18 maybe 30 35 or

later the most common type of trust is

what’s called a revocable trust the

revocable trust becomes irrevocable when

you pass away or become incompetent but

while you’re alive you can freely make

changes to it and nothing changes in

your life the only thing that you’re

going to notice that’s different is the

name on on your accounts might be

different but you’re allowed to buy and

sell assets freely you can move assets

freely there’s tremendous advantages to

doing and creating a revocable trust

other types of trusts

can get very complicated irrevocable

life insurance trusts

Grant or retained annuity trusts grats

for sure there’s a whole alphabet soup

of trusts out there that are very

complex and can definitely help our

clientele

but I’m a big fan of not over lawyering

files so if it’s something that’s not

appropriate we’re not going to do it for

you but understand that there is a

multitude of trusts out there that can

deal with the number of situations

another common trust would be a special

needs trust and so if you’re a parent

with a child with special needs or a

loved one that’s on some means-based

program such as Medicaid for example or

Social Security there are certain trusts

such as special needs trusts that can be

created to allow them to continue to

receive benefits under those government

programs but also receive certain

inheritances from family and loved ones