Estate Planning : Other Types of Trusts

Trusts may be established for minor children, to hold gifts or other funds for the future use of the child. These trusts allow a parent or other donor to make gifts to minor children which are held and administered by a trustee until the child attains majority or later. Irrevocable life insurance trusts may also be established, which may allow the proceeds of life insurance to be excluded from a client’s taxable estate for estate tax purposes. Charitable trusts are another form of trust, which allow clients to establish various types of trusts designed to benefit charitable organizations.