Our legal team provides comprehensive trust drafting services to individuals, couples and entire families. As skilled lawyers, we are well-versed in the estate planning tools available to help protect and pass on valuable property and assets to your family.
Clark Farb Fiksel LLP is a Toronto trusts law firm that helps clients establish inter vivos trusts and testamentary trusts. Both types of trusts can serve as tax-saving tools.
The Two Types of Trusts
Our legal team can talk to you about your options in establishing a trust. There are two main types of trusts to choose from: testamentary trusts and inter vivos trusts. They are very different in many ways and similar in others.
- Testamentary trusts: A testamentary trust is prepared as part of your will and goes into effect upon your death. These types of trusts are designed to protect the beneficiaries’ assets for an extended period of time. There may also be a tax saving in using testamentary trusts.
- Inter vivos trusts: An inter vivos trust may also be known as a living trust, because the trust is established during your lifetime. Inter vivos trusts can be revocable or irrevocable. Inter vivos trusts can create income splitting mechanisms as well as protection of assets from creditors.
Within the two types of trusts, there are many kinds that can be established for a specific purpose, including:
- Henson trust: A Henson trust is designed to protect a disabled beneficiary from becoming disqualified from government income assistance.
- Special needs trust: If you would like to provide for a special needs child or adult who you care about, consider a special needs trust.
- Cottage trusts: Do you want to make sure your cottage stays in your family? By establishing a cottage trust, you can ensure this valuable piece of property is passed to your children, grandchildren or other family members.
- Spendthrift trusts: These are built in a manner that limits the beneficiary’s ability to spend the money in the trust too freely. For example, you can designate how much they can take out and how often.
There are many types of trusts available for you to consider. Our lawyers can inform you of your options and help you make a sound decision.
Contact Our Firm
Contact Clark Farb Fiksel LLP for assistance establishing a trust or trusts. We accept credit cards and are conveniently located in the Yorkville area of Toronto. Call 888-664-3779 or contact us online.