When should I set up a trust to accumulate funds for financial planning purposes and for my childrens education? What types of trusts are available?
A trust can be set up at any time. A trust, like a corporation, limited liability company or limited partnership, is a creature or fiction of your state’s laws. There are many types of trusts available today. Some commonly established trusts are 2503(c) Trust (used for educational purposes), Charitable Lead Trust (used to accumulate money and property) and the Charitable Remainder Trust (used to donate appreciated property and to eliminate capital gains tax).
