a mechanism that can be used both to benefit a family and the community

a popular name given to a trust where the settler and/or family members are amongst the beneficiaries

a term used to describe a type of trust that usually has family members as its beneficiaries

a trust in which the beneficiaries are all members of the same family

a trust set up to benefit members of your family

( See B trust)

Also known as a "B" trust, or credit equivalent trust, a family trust is funded with up to the maximum assets that can pass with no tax due, currently $1,500,000.00 (2004). These assets are taxed at death, but since each person has a unified credit, no tax is actually due. Once these assets have been taxed (with no tax due), they are free to grow to any amount and will never be taxed again for estate purposes.

A living (inter vivos) trust set up by a parent or grandparent for other family members to lessen income taxes and transfer property upon death. For 10 reasons to use a family trust, please click here.

a credit shelter trust designed to benefit the whole family - not just the spouse. A Family Trust typically puts the spouse's interest before the children or descendants, and typically allows the surviving spouse to be in control - not a third party trustee. A Family Trust is asset protected.

A Trust established to benefit one's spouse, children and/or other family members. Often used in reference to the By-Pass Trust discussed above.

A legal entity created by a granter for the benefit of designated family members who are beneficiaries under the laws of trust.