Trusts are a powerful estate planning tool, but with so many different types, it can be difficult to remember what each one does and when a particular trust might be appropriate. Advisors are often expected to understand these distinctions well enough to explain them clearly to clients and coordinate with estate planning attorneys.

To help simplify this analysis, we created the Common Trusts Summary Guide. This guide provides high-level, easy-to-digest explanations of many commonly used trusts, making it easier to understand what options may be available and why a client might consider one trust over another.
The Common Trusts Summary Guide addresses common questions, including:

• Whether a trust is formed during life or upon death
• Whether a trust can be modified or revoked
• How a trust is treated from an income tax standpoint
• Whether income is reported on an individual return or a separate trust return

This summary guide helps advisors navigate the trust landscape and communicate more clearly with clients and estate planning attorneys.