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

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?