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Types of Trusts

There are several types of trusts, each designed to meet different needs and objectives. The most common types are:

• Revocable Trusts: These trusts can be altered or revoked by the grantor during their lifetime, offering flexibility and control. They are often used to avoid probate, ensuring a smoother transition of assets upon death.
• Irrevocable Trusts: Once established, these trusts cannot be altered without the beneficiary's consent. They offer significant tax advantages and protection from creditors.
• Charitable Trusts: Designed to benefit a charitable organization, these trusts can provide tax deductions for the grantor while supporting a cause they care about.
• Special Needs Trusts: These trusts are created to provide for a beneficiary with disabilities without affecting their eligibility for government benefits.