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TRUSTDale Tip of the Day: *What kinds of trusts are there?
|There are many complicated types of trusts that apply to specific situations. Some include:|
Credit shelter trusts: With a credit-shelter trust (also called a bypass or family trust), you write a will bequeathing an amount to the trust up to but not exceeding the estate-tax exemption. Then you pass the rest of your estate to your spouse tax-free. And there's an added bonus: Once money is placed in a bypass trust, it is forever free of estate tax, even if it grows.
Generation-skipping trusts: A generation-skipping trust (also called a dynasty trust) allows you to transfer a substantial amount of money tax-free to beneficiaries who are at least two generations your junior - typically your grandchildren.
Qualified personal residence trusts: A qualified personal residence trust can remove the value of your home or vacation dwelling from your estate and is particularly useful if your home is likely to appreciate in value.