Trusts

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qualified terminable interest trust
            used when you want to ensure that money goes to particular people
            funds may be subjeect to an estate tax
            usually divorce
 
Irrevocable life insurance trust
            can remove life insurance from taxable estate
            tax free to kids
            can't change beneficiary
            can't borrow against it
 
Qualified personal residence trust
            give your home as a gift to your family
            keep it for a period of years - longer the term the less value the gift has
            must outlive the term otherwise it is taxed at full market value
 
Generation skipping trust
            transfer funds to anyone two generations less than you
            your kids can be trustee's and spend for their kids benefit
            if you go over the amount - unlikely then you will get a large tax
 
credit shelter trust - bypass trust
            gives money to your spouse - can use both your exclusions
            exclusion can be lost if spouse re-marries
           
Revocable trust
            does not decrease your estate
            you own it
            you can change it as much as you want
 
asset protection trust

charitable trust
            need a charitable purpose
            can exist forever
 
special needs trust
            if someone is disabled

spendthrisft
            if somoene is bad with money

totten Trust
           take title to property - in trust for; payable on death to; as trustee for