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Monday, February 28, 2011 What is a Trust? A trust is an agreement that certain property should be managed by one person (the trustee) for the benefit of another (the beneficiary).  There are three basic trust types: revocable, testamentary and irrevocable.  A revocable trust is often used as the centerpiece of the family’s estate plan.  Upon creating the trust, the Trustmaker(s) place property into the trust, which then protects that property from the probate process.  Normally with a revocable trust, the Trustmaker is also the trustee and beneficiary of the trust, and retains all the same powers of ownership including changing or terminating the trust. A testamentary trust is directions for the creation of a trust contained in an individual’s will.  Essentially, the individual is requesting the probate court during probate to create a trust for certain assets.  An irrevocable trust is often used to plan for estate taxes or long term care.  It operates with the same general principles as a revocable trust; however, it cannot be changed as readily.  It allows people to retain control over their property while positioning their assets in a manner that prevents medical costs from depleting their life savings. Permanent Link write a comment

Subscribe via Email Subscribe via RSS Previous Posts What Happens If I Do Not Plan My Estate? What Is A Will? What Is Meant by “Estate Planning” Basic Concepts of Estate Planning When Should I Start Planning For Long Term Care? Planning For Long Term Care Check Your 1099's Charitable Remainder Trust How Can I Remove Property From My Taxable Estate and Still Benefit? What is a Living Will? Blog Categories Business Exit Planning Estate Planning General Legal Medicaid and Long Term Care Planning VA Benefit Planning Blog Links Archived Posts 2012 May What Happens If I Do Not Plan My Estate? March What Is A Will? What Is Meant by “Estate Planning” Basic Concepts of Estate Planning February When Should I Start Planning For Long Term Care? Planning For Long Term Care Check Your 1099's January Charitable Remainder Trust How Can I Remove Property From My Taxable Estate and Still Benefit? What is a Living Will? 2011 December Should More Than One Successor Trustee Be Named? How Can A Trustee Be Replaced? What Are The Advantages and Disadvantages of Selecting a Corporate Successor Trustee? November What Are the Advantages and Disadvantages of Selecting an Attorney, CPA or Financial Advisor as Successor Trustee? What Are the Advantages and Disadvantages of Selecting a Family Member or Friend As Successor Trustee? October Who Can I Select To Be A Successor Trustee? Upcoming Estate Planning Seminars - Two Locations September What Are the Duties & Responsibilities of a Successor Trustee It is Important to Name a SuccessorTrustee How Do I Nominate and Replace a Guardian? How Do I Choose A Guardian? What Are The Duties of A Guardian August The Importance of Guardians and Trustees Should I Give All My Assets to My Children? July How To Select An Estate Planning Attorney June What is a Power of Attorney? Healthcare Power of Attorney Tax Law Update Seminar May Wills Retirement Planning with Social Security What is an Irrevocable Life Insurance Trust? What Your Clients Need You to Know About Social Security April Medicaid & VA seminar Divestment Strategies and Long Term Care What is HIPAA? March Is This All About Taxes? Long Term Care Insurance VA Benefit Planning Seminar Estate Taxes in 2011 Estate & Income Tax Law Seminar What is a Financial Power of Attorney February What is a Trust? Heritage Planning Seminar Choosing A Trustee VA Pension Plan Progam Three Essential Estate Planning Documents 2010 May Working Smarter April How Much Cash Will You Need From the Sale of Your Business? SBA Rule Changes Make Exit Possible for More Owners

With two offices in Wisconsin, the Wisconsin law firm of Hooper Law Office assists clients with Wisconsin estate planning, asset protection, trusts, wills, estates, probate administration, trust settlement, probates, medical assistance planning, Medicaid planning and eligibility, nursing home planning, long-term care planning, elder law, business exit planning, business succession planning, special needs planning, retirement planning, charitable giving, family limited partnerships, wealth transfer planning, and real estate and transactional law. With over fifteen years of experience practicing law, Hooper Law Office is an experienced estate planning law firm with attorney Foss Hooper. They are trust attorneys, probate attorneys, asset protection attorneys, Medicaid attorneys, elder law attorneys, corporate attorneys, and real estate attorneys serving Outagamie County, Brown County, Cities served include include: Appleton, Green Bay, Clintonville, Oshkosh, Fond du Lac, Shiocton, New London, Freedom, Sherwood, Seymour, De Pere, Kaukauna, Kimberly, Shawano, Pulaski, Oconto, Fremont, Stevens Point, Wautoma, Winneconne, Omro, Berlin, Ripon, Green Lake, Waupun, Beaver Dam, Lomira, Mayville, West Bend, Oostburg, Sheboygan, Plymouth, Manitowoc, Two Rivers, Kewaunee, Algoma, and Sturgeon Bay.