A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries. Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death. Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well.
Veteran's Asset Protection Trust
An Asset Protection Trust designed to help people with Veteran’s benefits is a Trust designed to hold assets such as the home and which are designed to protect assets that would otherwise disqualify a person from receiving benefits and use the rules so that the assets no longer count or any penalty from the transfer is reduced or eliminated.