To avoid probate

To provide for the financial security of a minor child

To reduce estate taxes

To create a charitable foundation

Anyone over the age of 18

Only married couples

Only parents of minor children

Only individuals with a will

To manage and invest the trust assets

To distribute the trust income and principal to the beneficiary

To file tax returns for the trust

All of the above

To receive the income and principal from the trust

To provide investment advice to the trustee

To file tax returns for the trust

To manage and invest the trust assets

Yes

No

It depends on the terms of the trust

It depends on the state law

They pass to the beneficiary

They pass to the depositor's estate

They are distributed to the depositor's creditors

They escheat to the state

They are easy to create

They avoid probate

They provide for the financial security of a minor child

All of the above

They are not revocable

They can be challenged by the depositor's creditors

They do not provide for any tax benefits

All of the above

New York

California

Florida

Texas

$5,000

$10,000

$25,000

There is no limit

Yes

No

It depends on the state law

It depends on the terms of the trust

Yes

No

It depends on the state law

It depends on the terms of the trust

In a Totten Trust, the depositor retains ownership of the account

In a joint tenancy, the joint tenants own the account equally

In a Totten Trust, the beneficiary has a right to the account upon the depositor's death

All of the above

In a Totten Trust, the depositor retains ownership of the account

In a POD account, the beneficiary has a right to the account upon the depositor's death

In a Totten Trust, the beneficiary is entitled to the income from the account during the depositor's lifetime

All of the above

Have the trust agreement reviewed by an attorney

Deposit the funds into a bank account in the name of the depositor as trustee for the beneficiary

Deliver a copy of the trust agreement to the beneficiary

All of the above