What’s the difference between these trusts for a child? | NC

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Q: What is the difference between a third-party trust, an irrevocable trust, and a supplemental needs trust for a child? A: These terms can overlap, but they do not mean the same thing. A third-party trust describes where the money comes from — it is funded with someone else’s money, like a parent’s or grandparent’s assets, not the child’s own money. An irrevocable trust describes whether the…