|Revocable Living, Irrevocable Life Insurance, Charitable Lead, and Grantor Retained Annuity – these are trust descriptors that are familiar to estate planning professionals. However, there are many less well-known types of trusts that clients may ask about or benefit from having. Some of those other types of trusts will fill an estate planning need like no other arrangement can. Some arrangements called “trusts” do not fit the traditional trust definition. Still other things called “trusts” are outright shams.Professionals and individuals need to know about the lesser-known trusts, when to use them, when to avoid them, and when to get out of them.In the latest issue of The Wealth Counselor, we review some trust basics and then provide an introduction to a number of these lesser-known trusts and things called “trusts.” The Wealth Counselor is written for financial professionals and includes some planning suggestions.
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As always, good luck and good hunting.