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Home > Planned Giving > Estate Planning Using Trusts > Your Guide to Trusts

Your Guide to Trusts

Technically speaking, a trust is a legal document. Practically speaking, a trust can protect money for heirs. It is a way for you to simplify your life, to control the disposition of your assets at death, and to provide for the people, charities and organizations, like Sisters Hospital Foundation, that you care about most, long after your death.

Types of Trusts
One way to categorize trusts is by the way in which they are created:

  • Living trusts are established while you are alive. At your death, the trust assets are distributed to the beneficiaries you have selected.
  • Testamentary trusts are created by will at the time of your death.

Another way to describe trusts is by how they can be modified:

  • Revocable trusts can be modified at any time until your death or incapacity. Assets can be transferred in and out of the trust at any time. You control the trust and its assets, and you pay the taxes on the trust.
  • Irrevocable trusts can rarely be changed or modified. One type of irrevocable trust is the charitable remainder trust. One of the greatest advantages of creating this type of trust is that you will enjoy significant income tax, capital gains tax and estate tax benefits.

Please call Julie Snyder at 716-862-1992, or e-mail us at jsnyder@chsbuffalo.org, for more information.

Copyright © The Stelter Company, All rights reserved.

The information in this Web site is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income tax include federal taxes only. Individual state taxes and/or state law may impact your results.