How To Use Trust Accounts

What’s a trust account? Well, the answer is simple. There’s many different kinds of trust accounts. One would be revocable trusts. They are used in estate planning. Irrevocable trusts are trusts that cannot be changed. You no longer own your assets and typically can’t take them back. Testamentary trusts are created upon someone’s death and they become irrevocable. Special needs trusts are for people who receive Medicaid or Supplemental Security Income benefits. Charitable trusts are when charities receive payments for a certain amount of time. A credit shelter trust reduces estate taxes and you control where the assets end up. 

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