Trusts

A trust is a legal entity under which the “trustee” holds legal title to property for the benefit of “beneficiaries.” The trustee must follow the rules provided in the trust instrument.

An irrevocable trust is one that cannot be changed or rescinded by the person who created it, while a revocable trust allows the creator to change or rescind the trust. Trusts are often used for tax planning, to avoid probate, to allow for someone with expertise to manage assets, to shelter assets and protect them from creditors, and/or for long-term care planning.