Establishing an Irrevocable Trust
At Taylor, Ganson & Perrin, LLP, our attorneys use irrevocable trusts as part of a comprehensive estate plan. Our goal in estate planning is to preserve assets for our clients to pass along to their heirs and to other beneficiaries. For more information about irrevocable trusts and how they might be used in an estate plan, contact our Boston law firm. We have been working with irrevocable trusts since 1935, using our experience to help clients achieve their goals.
Irrevocable trusts can be dedicated to many testamentary and charitable purposes. Although each type of trust may have a distinct purpose, they all have similar structure. In these trusts, the grantor is parting with control of assets for the benefit of someone or something else. These trusts often have tax benefits, reducing income tax and estate liability when the trust is designed to take advantage of tax laws. In addition, irrevocable trusts can shield assets from creditors and ex-spouses. However, for these trusts to work as intended, it is best to consult with an attorney who is knowledgeable about the relevant tax laws.
An irrevocable living trust can be an important part of an estate plan, preserving assets for the benefit of future generations.
Our lawyers draft trust instruments tailored to the needs and circumstances of our clients. Some of the trusts that we have formed to help clients carry out their family and financial goals include:
These trusts work to reduce estate taxes because the assets held by the trust, once transferred to the ownership of the trust, are no longer in the grantor's estate and thus are not subject to estate tax. In addition, the assets held by the trust may be governed by income tax schedules different from the individual income tax rates. In both cases, the trust preserves assets that would otherwise be dedicated to paying taxes.
To learn how an irrevocable trust can help achieve financial, testamentary, and charitable goals, contact our Boston estate planning lawyers at Taylor, Ganson & Perrin, LLP.