What is an implied trust?

An implied trust is a financial arrangement that has the characteristics of a trust without the formalities establishing one. An implied trust may not be expressly defined as a trust in a will or other legal document, rather a court determines that a trust agreement exists by looking at the nature of the arrangement the parties have made.

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Testamentary Trusts

A testamentary trust is a form of trust that is established in your will. Testamentary trusts will only go into effect upon your death. A testamentary trust can involve minor children or an incapacitated spouse.

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Creating, Changing & Revoking A Florida Special Needs Trust

How does a special needs trust fit into someone’s general estate plan’ and how do you go about creating, changing or revoking this kind of trust? To find out, we asked Sarah E. Peart, an attorney from Tampa Florida whose practice focuses mainly in the areas of wills, trusts, estate planning and real estate law.

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Florida Estate Planning: Funding & Administering A Special Needs Trust

A special needs trust, created for the benefit of a disabled individual under the age of 65 who qualifies as disabled under federal law or a relevant state statute, can be a valuable estate planning tool. To explain the pros and cons and how one of these trusts can be funded and administered, we asked a Florida attorney whose practice focuses in this area of the law.

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New York Supplemental / Special Needs Trust: Be Careful Of Medicaid’s Five Year Look Back Period

A supplemental or special needs trust is designed to either provide additional income for a special child or an individual who has special needs, according to Elliot Schlissel, a New York estate lawyer who has been assisting clients for over 30 years in the New York metropolitan area and in Long Island’s Nassau and Suffolk counties. He says that, while these types of trusts can be beneficial, it’s important to remember that Medicaid has a five year look back period.

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What is a legacy trust?

Sometimes known as a wealth trust, a legacy trust is an irrevocable trust that lets you set aside assets for future generations. The legacy trust is a flexible asset protection and saving option that allows you to use funds for emergency situations or create an estate to pass on.

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Trustee Guidance: How to Distribute Trust Assets

One of the most important functions of the trustee is distributing the trust assets according to the wishes of the creator of the trust (trustor) as set forth in the trust agreement. With proper planning, a trustee will be able to navigate the distribution of trust assets with the assistance of a bank, lawyer, or financial adviser either appointed by the trustor or hired by the trustee to manage the legal details.

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Inheritance Money: Using a Spendthrift Trust to Control Spending by Heirs

If you are worried that your child, grandchild or other beneficiary may be reckless with an inheritance’spending it down within a few months or years after receiving it’there are ways to provide for your heirs’ long-term security while also protecting your hard-earned assets. One option is to create a type of irrevocable trust known as a Spendthrift trust.

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What is a protective trust?

The term ‘protective trust’ is something of an umbrella term in the U.S., covering trusts that protect a person’s estate and/or assets. A protective trust refers to a trust that is designed to make sure that the income from the trust goes to the beneficiary for whom it was designated.

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