Your Guide to Trusts

Technically speaking, a trust is a legal document. Practically speaking, a trust can protect money for heirs. A trust is a way for you to simplify your life, to control the disposition of your assets at death, and to provide for the people, charities and organizations, like our organization, that you care about most, long after your death.

Types of Trusts
One way to categorize trusts is by the way in which they are created:

• Living trusts are established while you are alive. At your death, the trust assets are distributed to the beneficiaries you have selected.
• Testamentary trusts are created by will at the time of your death.
• Another way to describe trusts is by how they can be modified:
• Revocable trusts can be modified at any time until your death or incapacity. Assets can be transferred in and out of the trust at any time. You control the trust and its assets, and you pay the taxes on the trust.
• Irrevocable trusts can rarely be changed or modified. One type of irrevocable trust is the charitable remainder trust. One of the greatest advantages of creating this type of trust is that you will enjoy significant income tax, capital gains tax and estate tax benefits.

Please contact Mary Ludwig, Development Director at 712-732-5127, for more information.

The information on this site is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.

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