Chapter 3
Identifying Different Types of Trusts
IN THIS CHAPTER
Understanding the difference between grantor- and non-grantor-type trusts
Deciding when the trust will start
Defining various types of revocable and irrevocable trusts
Grasping charitable trusts
Qualifying a trust as a Subchapter S corporation shareholder
Trusts come in every size, shape, color, and variety. There are enough different types of trusts for every day of the week and every month of the year. Trusts can give money away, save money, pay only certain expenses, or buy the moon. Trusts can contain almost any type of property for almost any length of time, so long as it’s not forever (although almost forever certainly works).
In fact, the sheer number of different types of trusts makes the possibilities for their use almost endless. Not to worry though. You don’t need to memorize all this information. Just know that this chapter takes you on a tour of some of the more popular types of trusts and trustees and shows ...
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