PUT YOUR TRUST IN TRUSTS WHICH TYPE IS RIGHT FOR YOU?
Trusts are useful tools for managing assets, but deciding which type of trust is the right one for you involves understanding exactly what trusts are and how they work, not to mention their nuances. In its most basic form, a trust is a three-part relationship by which one party transfers property to a second party in order to benefit a third party. If you create a trust, you are the grantor. The trustee manages the trust and its assets so that the beneficiary, the person or entity you created the trust for, can receive what you’ve outlined in the trust according to your specifications. Beneficiaries can range in number and type depending on what the grantor is aiming to achieve. They can be family members, friends, charities, organizations, or a combination. They can also
be governed under specific rules of distribution with caveats determined by time, limitations on assets, and more. Different trusts exist for different purposes. • Bypass Trust: If you have substantial monetary worth to pass on to heirs • Special Needs Trust: If you’re concerned about a family member with disabilities • Spendthrift Trust: If you’re concerned about the spending habits of your heirs • Life Insurance Trust: If you own a lot of life insurance • Charitable Remainder Trust: If you would like a charity to receive the money • QTIP Trust: If you have children and expect your spouse to remarry after you die • Living Trust: If you have assets that you’re unable to manage yourself • Generation-Skipping Trust: If you want your assets to go to your grandchildren Many people have a variety of trusts set up at any one time because their purposes are so versatile. If you meet the criteria of any of the above circumstances or if you have any questions about setting up a trust, call our office so we can help you get the process started.
HOPPIN’ JOHN MICHELE’S RECIPE CORNER
take a break
INGREDIENTS
• 1 cup dried black-eyed peas • 5–6 cups water • 1 dried hot pepper, optional (arbol and Calabrian are great options) • 1 smoked ham hock • 1 medium onion, diced • 1 cup long-grain white rice
DIRECTIONS
1. Wash and sort peas. 2. In a saucepan, cover peas with water, discarding any that float. 3. Add pepper, ham hock, and onion. Gently boil and cook uncovered, stirring occasionally, until peas are just tender, about 90 minutes. At this point, you should have about 2 cups of liquid remaining. 4. Add rice, cover, drop heat to low, and simmer for 20 minutes, undisturbed. 5. Remove from heat and let steam for an additional 10 minutes, still covered. 6. Remove lid, fluff with a fork, and serve.
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