What are some of the different forms of trusts?
Trusts come in a variety of forms and can be established in many different situations. Some common forms of Trusts include: (1) Asset Protection Trust – A type of Trust that is designed to protect a person’s assets from claims of future creditors, frequently established in foreign countries. (2) Charitable Trust – A Trust – and there are many different types of charitable Trusts – established to benefit a particular charity or the public. Typically charitable Trusts are established as part of an estate plan to lower or avoid imposition of Federal (and some states’) estate and gift taxes. (3) Constructive Trust – An implied Trust establish by operation of law. While a person may take legal title to property, equitable considerations require that the equitable title of such property remain with others. Typically fraud is a requirement for the establishment of a constructive Trust, the person who took legal title to the property did so as a result of a fraud brought upon the prior legal t
‘Trusts come in a variety of forms and can be established in many different situations. Some common forms of Trusts include: (1) Asset Protection Trust A type of Trust that is designed to protect a person’s assets from claims of future creditors, frequently established in foreign countries. (2) Charitable Trust Trusts established to benefit a particular charity or the public. Typically Charitable Trusts are established as part of an estate plan to lower or avoid imposition of Federal (and some states’) estate and gift taxes. (3) Constructive Trust An implied Trust establish by operation of law. While a person may take legal title to property, equitable considerations require that the equitable title of such property remain with others. Typically fraud is a requirement for the establishment of a constructive Trust, when the person who took legal title to the property did so as a result of a fraud brought upon the prior legal title holder. (4) Express Trusts Those specifically created by
