Irrevocable Trusts

This type of living trust cannot be changed or canceled, but the assets are not considered part of your estate, so they are not accessible by creditors. Irrevocable trusts are typically set up to provide tax savings, asset protection or some other benefit.

Revocable Trusts

The terms of a revocable trust can be canceled or changed, and the trust can be terminated at any time. Revocable trusts do not take assets out of your estate, so they are still accessible to creditors. Living trusts such as this avoid probate and do not become a matter of public record.

Charitable Trusts

There are two main types of charitable trusts that can help you support your favorite cause: A charitable remainder trust (CRT) is an irrevocable trust in which you receive income for life. Upon death, the remaining assets are donated to your charity of choice. A charitable lead trust (CLT) is an irrevocable trust that pays an annuity to a charity for a set number of years, then pays the remaining assets to a named beneficiary upon your death. A donor advised fund (DAF) is an additional alternative charitable giving solution but is not considered a trust. For more information, click here.

Life Insurance Trusts

These trusts give ownership of the life insurance policy to the trust, taking it out of your estate. This can help reduce estate taxes and make proceeds available immediately after your passing. The proceeds from life insurance trusts are used to pay taxes, legal fees, probate costs and other liabilities when the person who created the trust dies. After the debts are paid, the trustee distributes the remaining proceeds to the beneficiary.

Special Needs Trusts

Designed to provide financial security and long-term care to a beneficiary with special needs or a disability, a special needs trust preserves the eligibility for needs-based government benefits, so Supplemental Security Income and Medicaid will still be available to the beneficiary.

Delaware Directed Trusts

Delaware is known as a trust-friendly jurisdiction with innovative laws regarding taxes and asset protection. Through our private label partnership with New York Private Trust Company, Raymond James Trust is able to offer this type of trust to nonresidents. For high-net-worth individuals, establishing a Delaware directed trust offers several attractive benefits such as confidentiality, asset protection, substantial tax advantages, simple transfers and modernizations, and liberal investment policies.

Other Specialty Trusts

Raymond James Trust can work with you to come up with the best solution for your unique needs, from generation-skipping trusts and marital-bypass trusts to dynasty trusts and beyond.