FamilyGuard360
Wills & trusts. Clarity for your family’s future.
Understand wills, living trusts, special-needs trusts and advanced legacy structures. Coordinate insurance with estate counsel; explore Elite for high-net-worth needs.
A will and a trust do different jobs
A will directs assets passing through your estate after death, can nominate a guardian and does not manage incapacity. A trust provides rules for managing covered assets. Signing is not funding; a will, powers of attorney and health-care directives may still be needed.
Revocable living trust
A way to hold and manage assets during life, with a successor trustee to continue under the trust’s terms if you become incapacitated or die. You generally retain the ability to change it while you have capacity. What needs review: Properly titled or otherwise coordinated assets are essential. A revocable trust does not by itself eliminate estate tax or protect your assets from your own creditors; a will and other documents may still be needed. Which assets would actually be covered—and who would step in?
Testamentary trust
Created through a will after death. It can set management and distribution terms for children or other beneficiaries instead of leaving them assets outright. What needs review: The will generally goes through probate. This is not a substitute for managing your affairs during life or incapacity. Who should manage the inheritance, and when should beneficiaries receive it?
Irrevocable trust
A broad category of trusts used for specific ownership, family, benefits or tax objectives. The creator generally gives up rights that would be retained in a revocable trust. What needs review: Changes can be restricted, although some modifications may be possible under the document and state law. Tax or creditor outcomes are not automatic; funding, retained powers, costs and administration matter. What control would you give up—and which objective justifies it?
Special-needs trust
Designed to provide supplemental support for a beneficiary with a disability while accounting for means-tested benefit rules. The source of the funds and distribution terms are crucial. What needs review: First-party, third-party and pooled arrangements have different rules. Eligibility, permitted distributions and potential Medicaid repayment require specialized legal and benefits review. How can support, insurance and beneficiary choices work together?
Special-needs trusts: first-party, third-party and pooled
The source of funds matters. The federal individual first-party exception includes disability, establishment before age 65 and Medicaid repayment requirements. Properly structured trusts funded solely by third parties generally lack the federal first-party payback requirement. Qualifying first-party pooled trusts require nonprofit management; retention, repayment, age-related transfer penalties and state rules need review. Terms, distributions and administration affect means-tested benefits; no eligibility or lifelong-care outcome is guaranteed. An outright inheritance or insurance payment may affect benefits.
Irrevocable life insurance trust (ILIT)
A trust that can own life insurance and receive proceeds under an attorney-designed legacy plan. It may help frame family liquidity or inheritance goals. What needs review: Retained ownership powers, existing-policy transfers, premium gifts, notices, trustee duties and policy performance need coordinated attorney, CPA and carrier review. An ILIT does not automatically eliminate estate tax. Do policy ownership, funding and trustee responsibilities fit the legal plan?
Marital & bypass trusts
Different structures can address a surviving spouse’s support, the eventual beneficiaries and use of available estate-tax provisions. They may be relevant for blended families or complex estates. What needs review: Marital-deduction, exemption, basis, election and state-tax effects differ by design. These terms are not interchangeable; control, access and tax costs need counsel’s review. How should a surviving spouse’s needs and the next generation’s interests be balanced?
Dynasty & multigenerational trusts
Long-term arrangements that define how wealth may be managed and distributed for future generations, with carefully chosen trustees and governance. What needs review: State duration rules, generation-skipping transfer tax, retained powers, administration costs, liquidity and future law changes matter. Long-term planning is not a promise of permanent tax-free wealth. Who should steward the wealth—and how should future families access it?
Charitable lead & remainder trusts
Different arrangements can allocate benefits between charitable organizations and noncharitable beneficiaries over time. They serve distinct giving and family objectives. What needs review: Valuation, qualifying terms, payout requirements, investment needs, irrevocability and tax reporting differ. A tax deduction or favorable outcome is not assured. How should charitable intentions fit alongside family cash-flow needs?
High-net-worth and complex legacy priorities: Elite Wealth Advanced
Explore insurance coordination around estate liquidity, business succession, charitable and multigenerational priorities. Elite is a voluntary self-selection path, not an automatic wealth assessment or legal service.
Clear responsibilities and a private next step
FamilyGuard360 provides education and insurance coordination—not legal drafting, tax advice, trust administration or fiduciary services. Your independently engaged estate attorney designs the legal plan; qualified tax and benefits professionals review their areas. Implementation depends on your state, circumstances and current rules. No structure guarantees tax savings, creditor protection or benefit eligibility. Do not submit wills, medical details, account numbers or trust documents through public forms or AI chat.