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You want to protect your assets and shield them from probate. You wish you could eliminate estate taxes. You desire to defer/reduce capital gains taxes.
Giving up control of one’s assets may not seem to have any particular advantages at first glance. However, one of the pluses about an irrevocable trust is that it will allow you to:
- Avoid probate and many of the associated taxes and fees
- Allow you to make contributions to the trust over the course of time
- Ensure that your beneficiaries will be able to access the trust immediately upon death rather than having to wait through probate
- Protect your beneficiaries from many of the estates taxes and fees
Your main reason for setting up an irrevocable trust is estate and tax considerations. Let Jason L. Pintar attorneys show you how this type of trust for estate assets can remove all incidents of ownership effectively removing the trust’s assets from your taxable estate. We can also advice you on how the assets held in the trust can include but are not limited to a business, investment assets, cash, and life insurance policies.