Irrevocable Trusts

Easing Your Family's Tax Burden

The use of an irrevocable trust may allow you and your family to reduce the estate taxes that would otherwise be payable on your death or on the death of your spouse. You accomplish this by removing assets from your estate and placing them in the irrevocable trust while you are living.

The estate planning division at Quinlivan & Hughes, P.A., has helped numerous individuals and their families establish irrevocable trusts. If you believe your family may face a large tax burden on the inheritance you will leave behind, such a trust may be a beneficial option for you. To learn more, call our offices at 320-200-4928, or schedule an appointment online.

How To Establish An Irrevocable Trust

To achieve the desired outcome you must give up a great deal of control over the disposition of your property and operation of the trust. Nevertheless, a well-drafted irrevocable trust will allow you to retain certain controls that will provide flexibility.

Taxes And Irrevocable Trusts

The tax rules that govern irrevocable trusts are complex, so care in the planning and drafting of such trusts is essential. The irrevocable trust is seldom the sole component of a good estate plan. Instead, it should be viewed as a special estate and gift tax tool that is coordinated with your revocable trust or will.

To learn more about how best to make use of irrevocable trusts, contact Quinlivan & Hughes, P.A., today.