THE FIVE GOALS OF ESTATE PLANNING ARE AS FOLLOWS:

-MINIMIZE INTERFERENCE FROM THE LEGAL SYSTEM (Probate, Administration, Guardianships etc

-MINIMIZE TAXATION (Income, Estate & Gift etc)

-ASSET PROTECTION FOR BENEFICIARIES

-PROVIDE FOR LONG TERM CARE SO ONE DOES NOT OUTLIVE HIS OR HER MONEY

-HONOR THE FAMILY DYNAMIC

A Trust can address many of these estate planning objectives.

1. What is a trust?
2. There are generally three parties involved in a trust. Name them and briefly describe each ones relation to the trust.
3. What is the difference between a Living Trust and a Testamentary Trust?
4. What is the difference between a Revocable Living Trust and an Irrevocable Living Trust?