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It’s important to speak to a lawyer and tax accountant or tax attorney to discuss the tax ramifications of an irrevocable trust. An irrevocable trust can also protect the beneficiary’s ...
However, a revocable trust can provide language to create sub-trusts upon the death of a grantor (e.g. credit shelter or other irrevocable trusts) that can preserve or reduce future estate tax ...
There are four types of trusts that might suit your needs: irrevocable trusts, revocable trusts, testamentary trusts and living trusts. Living trusts and revocable trusts can be established while ...
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
In an irrevocable trust, there has developed a growing use of a so-called trust protector. This is generally an unaffiliated, third party (often a lawyer or an accountant) who is granted the power to amend or change the terms of the trust in order to accommodate unexpected changes in tax or fiduciary law, unexpected changes in the trust's ...
As a financial advisor, you could direct your clients to an estate planning attorney for guidance in this area, but while attorneys are great, and necessary, for crafting the legal documents used ...
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related to: when to use irrevocable trust or probate lawyerGPLG puts the client first each and everyday!! - Google Reviews