To learn about the different types of trusts that are offered in Pennsylvania, continue reading on and give Friedman Schuman a call today to learn more. Our dedicated Montgomery County, PA wills, trusts & estates attorneys. Our legal team is prepared to help you make informed decisions regarding your future.
What types of trusts are available to me in Pennsylvania?
Our Pennsylvania firm recognizes that not everyone has the same life circumstances. As a result, there are a number of different trusts available for those who have varying situations. Some of the most common trusts that are available to choose from in Pennsylvania include, and are not limited to the following:
- Revocable Trust: This kind of trust is one of the most typically selected by trustors because it has the capability of being modified, changed, or terminated at any moment without the requirement of the beneficiary’s permission.
- Irrevocable Trust: Here, this type of trust needs a trustor to give up their rights and any access to the trust at the time that it is produced. This suggests they cannot change or terminate it at any point.
- Irrevocable Life Insurance Trust: This type of trust allows a trustor to remove their life insurance from the estate plan so that their beneficiaries are free from any taxes that are put on it.
- Charitable Trust: There are two different kinds of charitable trusts. A charitable trust permits the individual’s choice of charity to gain interest from the financial gift for a specific period of time. Once the period terminates, the remaining assets may go to other beneficiaries. A charitable remainder trust allows charities to receive the assets in a trust at the end of its term. Until then, the donor sustains interest in the gift.
- Special Needs Trust: This refers to when a loved one with a disability is selected by a trustor to make sure they receive the financial support they need throughout their life.
As you can see there are a number of different trusts to choose from in the state of Pennsylvania. It is in your best interest to reach out to our skilled estate planning firm if you have questions or concerns about the different kinds of trusts. Our firm is equipped with the knowledge and experience required to ensure that you and your family’s future are covered. Contact our firm today to speak with one of our dedicated estate planning attorneys. We are just one call away.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.