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Exploring Different Types of Trust Packages

There are various types of trust packages available, each designed to address different needs and objectives. Some of the most common include:

• Revocable Trusts: These allow the grantor to retain control over the assets and make changes to the trust as needed. They are ideal for those who want flexibility and the ability to adapt to changing circumstances.
• Irrevocable Trusts: Once established, these trusts cannot be altered without the consent of the beneficiaries. They offer greater protection from creditors and can provide more significant tax advantages.
• Charitable Trusts: These are used to support charitable organizations while providing tax benefits to the grantor. They are an excellent way to leave a philanthropic legacy.
• Special Needs Trusts: Designed to support individuals with disabilities without affecting their eligibility for government benefits, these trusts ensure that care and support are available for a lifetime.