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Common Types of Trusts
Given the nature of a trust, they can be created for almost any purpose imaginable and can include practically any conditions and requirements that you desire.
Over the years, however, a number of types of trusts especially useful for common purposes have been developed:
- The Grantor Trust (and by extension, the Totten Trust)
- The Bypass or Credit Shelter Trust
- The Marital Deduction or QTIP Trust
- The Irrevocable Living Children's Trust
- The Irrevocable Life Insurance Trust
In addition, there also is the specialized asset protection trust.
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Your Small Business
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Government Contracting
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Insurance
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