There are many other kinds of trusts that are used to hold property for specific purposes and for the avoidance of tax liability, including Qualified Personal Residence Trusts (QPRTs), Irrevocable Life Insurance Trusts (ILITs) (this can be a key tool for estate planning for a successful small business person), Intentionally Defective Grantor Trusts (yes, intentionally defective), Grantor Retained Annuity Trusts (GRATs), Grantor Retained Income Trusts (GRITs), etc. The more exotic trusts may not be appropriate for most families or individuals, but they can be quite useful in the right situation.
Attorney responsible for content of this site: David L. Howell. No attorney described here is certified by the Texas Board of Legal Certification in any specific area of practice. Copyright Law Offices of David L. Howell. All rights reserved.
Office: 1700 Lemon Mint Ct., Austin, Texas (510) 396-1770 firstname.lastname@example.org