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Types of Irrevocable Trusts

There are various types of irrevocable trusts, each designed to meet specific financial goals:

• Life Insurance Trusts: These trusts are used to exclude life insurance proceeds from the taxable estate, providing liquidity to cover estate taxes and other expenses.
• Charitable Remainder Trusts: These allow you to donate to a charity while receiving income from the assets during your lifetime.
• Special Needs Trusts: Designed to provide for a disabled beneficiary without disqualifying them from government benefits.

Each type of trust offers unique benefits and should be chosen based on your specific financial situation and goals⁴.