Property and assets are owned by many types of legal entities -- individuals, partnerships, corporations and trusts. A trust is just a separate paper entity that is established by a property owner to leave assets to his or her beneficiaries. A trust is simply a "contract" between the property owner and the trustee.

There are also various reasons why people have trusts. Some include: avoidance of probate, provide for minor children, reduce estate taxes, maximize gift exemptions, protect assets from creditors and/or long-term care costs such as nursing homes and Medicaid, provide for a loved one’s special medical needs, and maximize government benfits, such as SSI, SSDI, Medicaid, and/or VA Benefits.

There are many types of trusts in use. They are used for various reasons, to achieve different goals.  The role of your estate planning attorney is to determine what kind of trust is needed to achieve your desired goals.  Trusts can be customized to achieve just about any goal, below are some general descriptions of some common trusts:

  • Living Trust/Inter Vivos Trust: a revocable or irrevocable trust you create while alive
  • Testamentary Trust: a trust you put in your will that does not get created until your will is probated
  • Revocable Trust: a living/inter vivos trust that you can change or terminate
  • Irrevocable Trust: a living/inter vivos trust you cannot change or terminate
  • Medicaid Asset Protection Trust: an irrevocable trust designed to protect assets from the costs of long term care, such as nursing homes and Medicaid claims
  • Special Needs Trust: an irrevocable trust designed to maximum government benefits for a disabled love one, typically a child
  • Crummey Trusts: an irrevocable trust used to maximize gift tax exemptions
  • Irrevocable Life Insurance Trust: a specific type of crummy trust designed to hold life insurance

The attorneys of Elder Law of Louisville (formerly Walsh & Wilson, PLLC) assist clients in Louisville, Kentucky and surrounding counties of Jefferson, Oldham, Shelby, Spencer, and Bullitt. Our Office also serves Southern Indiana and the towns of New Albany, Jeffersonville, and Clarksville.

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