Estate Planning

by Attorney Edward H. Adamsky

            Trusts are a useful yet misunderstood tool of Estate Planning. The problem is that there are so many different kinds of trusts. Trusts can be Revocable, which means they can be changed, or Irrevocable, which means they cannot be changed. There are many specialized trusts for particular purposes like Irrevocable Life Insurance Trusts (ILITs), QTIP Trusts (for estate-tax planning), Special Needs Trusts (to handle assets for a …