A Revocable Living Trust is a trust created to hold and protect assets during an individual's lifetime. It does not provide any tax savings but it does protect assets from probate. The person creating the trust can also assign a successor trustee in the case of his or her death or incapacitation. This trust makes sense for someone who is middle aged or older and has money/investments that they would not want the court to take over if something happened to them.

An Irrevocable Life Insurance Trust is used to buy life insurance on behalf of the person establishing the trust. The trust owns the insurance and pays the premium and the benefits are paid into the trust. This trust works well for a younger person who can still buy insurance at affordable rates and wants to protect any large insurance benefits from estate taxes.

Of course we use Special Needs Trusts to benefit a special needs family member without affecting their public benefits. A Dynasty Trust is for individuals planing for the long, long term. Later this trust can make tax free distributions to the granter's heirs. There are Residence Trusts and Charitable Remainder Trusts which, although not commonly known about, can provide a great resource to individuals for their estate planning.

Based on your specific situation we can recommend a means to help you achieve your goals.