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What is a Trust?

A trust is a legal arrangement between an individual and a trustee to hold, manage and transfer that individual’s assets to one or more beneficiaries according to the trust’s provisions. As your trustee, Beacon develops a flexible financial portfolio that protects and grows your wealth during your lifetime and arranges for its disbursement after your death.

Types of Trusts

Trusts are varied and designed to meet specific needs. Explore our website and consult one of our trust advisors, to determine which type of trust is best suited to your financial situation and your goals.

Living Trust - A living trust is so named because it is established while you’re alive and can terminate or continue after death. It gives you more flexibility and control than other trusts, helping you to establish long-term property management and ensure continuity in your asset management plan. Living trusts can be revocable (alterable) or irrevocable (fixed).

Testamentary Trust - Unlike living trusts, a testamentary trust goes into effect upon your death, and its provisions are outlined in your will.

Charitable Trust - In a charitable trust, assets are first distributed to the beneficiaries and the remainder is given to charitable organizations. The 501(c)(3) tax status provides financial benefit to both parties.

Multi-Generational Trust - This trust provides income and managed asset distribution to several generations of beneficiaries, while minimizing or avoiding the Generation Skipping Transfer Tax—a tax introduced in 1986 to discourage the wealthy from gifting or bequeathing assets to their heirs to avoid estate tax.

Special Needs Trust - This trust ensures the financial security of loved ones with special physical, mental or emotional needs during their lifetime.

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