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Life Planning Center > Planning Your Estate
Trusts
  • Understanding Trusts
  • Qualified Personal Residence Trust
  • Qualified Terminable Interest Property Trust (QTIP)
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  • Glossary

Understanding Trusts

A trust is an entity that is equally separate and apart from the individual that is establishing it. A trust is also a separate entity for tax purposes. A trust is created when a grantor transfers property to a trustee for the benefit of another person. The trustee is responsible for managing the property for the beneficiary and distributing income and principal under the terms of the trust instrument. A trustee may be given explicit instructions or may be given broad discretion to make distributions.

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There are a number of different trusts that that can be used in estate planning to accomplish your specific objectives. Properly structured, a trust can help you to reduce or avoid many of the fees and taxes that will be imposed upon your death.

Characteristics of a typical trust include:

  • It can be revocable or irrevocable by the grantor.
  • It can hold title to different types of property (in the name of the trust, while listing the trustee).
  • It can serve to divide up property interests among various persons in various ways for various lengths of time.
  • It may avoid probate.
  • It can be used to achieve significant tax advantages.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:

Not NCUA Insuredor Any Other Government Agency No Credit Union Guarantee Not Credit Union Deposits May Lose Value

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: NJ, PA, NY, DE, AZ, MI, FL, MD, TX, VA, GA, NC.



Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.

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