What is a trust fund?

A trust fund is an account set up to manage assets on behalf of a specific beneficiary, such as an individual or a business. In Elder Law, trust funds are used to protect and manage the assets of an older individual who may not be mentally or physically able to do so themselves. In Kansas, a trust fund can be established to hold and manage the assets of someone over the age of 65, or of someone who is in need of long-term care. Trust funds can be set up by a family member, a bank, or a financial institution such as a trust company. The trust will determine who is allowed to make decisions regarding the trust fund, such as investing, distributing, and withdrawing money. The trust will also state who will receive the trust fund’s assets when the grantor passes away. Trust funds are especially useful in Elder Law, as they can help protect the grantor’s assets from being taken for medical bills or used up quickly. Trust funds can also be used to pay for care for the grantor, such as assisted living or nursing home care. In addition, trust funds can be used for estate planning, by creating a tax-advantaged estate plan for the grantor’s beneficiaries.

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What is a trust fund?

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