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Common Types of Trusts

April 13, 2006

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Given the nature of a trust, they can be created for almost any purpose imaginable and can include practically any conditions and requirements that you desire.

Over the years, however, a number of types of trusts especially useful for common purposes have been developed:

• The Grantor Trust (and by extension, the Totten Trust)
• The Bypass or Credit Shelter Trust
• The Marital Deduction or QTIP Trust
• The Irrevocable Living Children's Trust
• The Irrevocable Life Insurance Trust

In addition, there also is the specialized asset protection trust.

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