There are several types of trusts. Some examples are:

Special Needs Trust (SNT): Also called a Supplemental Needs Trust. One
must never leave a lump sum inheritance to a recipient of Public Benefits such
as SSI or Medicaid. They may lose the SSI and/or Medicaid benefits and the
amount inherited is subject to Medicaid Recovery. However, it is permissible
to provide inheritance to an adult with special needs using a SNT.

Testamentary Trust: A Trust created by your Will. A Testamentary Trust does
not exist until you die, and your Will indicates the Trust to begin. It is possible
to create an SNT this way.

Pooled Trust: Helps people with disabilities qualify for programs such as SSI
and Medicaid by placing their assets which are over the limit into a pooled
trust.

Irrevocable Trust: Cannot be changed, reversed, or recovered; final.
Example, Irrevocable Burial Trusts are a useful tool for Medicaid Planning
purposes.

Other examples: Charitable Trust, Constructive Trust, Spendthrift Trust,
Tax By-Pass Trust.

Revocable (Inter-Vivos) Living Trust: This is a common estate planning
Trust

A living trust is created to provide you with the tools to manage your assets
while you are alive and seamless distribution of your assets after you die.
Along with Power of Attorney documents this is a good tool to use to avoid
both Guardianship and Probate proceedings.

Diana Mangsen focuses her practice as an elder law attorney in Clearwater, Palm Harbor, Largo, Dunedin and the Tampa Bay area.

For more information, visit our website at
https://www.mangsenlaw.com/
or call (727) 888-6282.