A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful.
Nongrantor Trusts Can Be Very Useful in Certain Situations
Amy Nowaczyk is a partner at O’Drobinak & Nowaczyk, P.C. Amy’s background in psychology and law have given her a unique perspective on estate planning and elder law issues. Her education and experience have enabled her to identify the needs of her clients in order to create customized estate plans that help her clients avoid probate, control the distribution of their estate, and protect their assets from the high cost of long term nursing care. Clients frequently praise Amy’s ability to make them feel comfortable and at ease while discussing difficult subjects such as their disability and death.
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