Types of Personal TrustsSCBT's Wealth Management Group can handle a variety of trusts to meet your specific needs. These types of trusts include:
Family Trust (Credit Shelter or Bypass "B" Trust)
A trust funded with the maximum allowable applicable credit amount for the benefit of the surviving spouse or other beneficiaries, free of estate tax.
Marital Trust (Spousal, or "A" Trust)
A trust created to allow one spouse to transfer unlimited amount of property for the benefit of his/her spouse without incurring gift or estate tax at the first death.
Qualified Domestic Trust (QDOT)
A trust used to pass money to a spouse who is not a U.S. citizen upon the death of the other spouse. Funds in a QDOT qualify for the estate tax marital deduction.
Qualified Terminable Interest Trust (QTIP)
A trust that is established to provide income for life to a person's spouse, free of estate tax at the first death, while retaining control of the eventual disposition of the trust assets. When the spouse dies, the assets in the trust pass to the beneficiaries designated by the creator of the trust.
Charitable Split Interest Trust
There are many different types and variations of charitable split interest trusts (including Charitable Remainder Trusts and Charitable Lead Trusts) that benefit two parties, a current beneficiary and future remaindermen (one of which is a qualified charity).
Spendthrift Trust
A trust that provides a level of protection of the trust assets from certain creditors or trust beneficiaries.
Generation Skipping Trust (GST)
Any trust that has beneficiaries belonging to two or more generations below the grantor. A GST Trust may be useful if the first and second generations face significant estate tax liabilities.
Irrevocable Life Insurance Trust (ILIT)
A trust that owns a life insurance policy and provides payment of insurance premiums and collects the death benefit payment upon the death of the insured. Assets (including the death benefit) are excluded from the decedent's taxable estate.
IRA Rollover Trust
A trust established for tax-free transfer of a distribution from a qualified retirement plan within a specific time frame.
Grantor Retained Annuity Trust (GRAT)
A trust whereby the grantor creates an irrevocable trust and retains the right to receive, for a specified term, an annuity based on a specified sum or fixed percentage of the value of the assets transferred to the trust.
Crummey Trust
A trust that allows beneficiaries a limited period of time to withdraw funds transferred into the trust. If funds are not withdrawn during this period, funds will remain in trust for future use.
Intentionally Defective Grantor Trust (IDGT)
A trust that is drafted to make the grantor responsible for payment of income taxes associated with the trust assets. The purpose is to both remove significant assets from the grantor's taxable estate and to continue to remove assets as the grantor uses his or her assets to pay income tax attributable to the trust.
Products Offered Through SCBT Trust Asset Management
