"Put not your trust in money, but put your money in trust," counseled Oliver Wendell Holmes more than 100 ago. The advice remains sound today — depending, of course, upon whether you know how to choose the appropriate trust for your circumstances. The selection process depends upon whether you seek to reduce the estate tax bite for your children (if so, the clock is ticking), protect assets in the event long-term care is needed, or merely wish to avoid probate for your heirs. The three basic trust types that can help one to achieve these goals are discussed below.
Ann Margaret Carrozza: Select the Right Trust Before Ringing in 2013