Las Vegas Estate Planning Attorneys
When you've worked so hard to accumulate assets and build an estate, it's important to direct your attention towards preserving your assets and reducing taxes as much as possible. An irrevocable trust a common estate planning tool that we utilize often for it provides our clients with numerous benefits.
An irrevocable trust is a type of trust that cannot be modified, amended, changed or revoked and it is used to achieve a variety of estate planning goals. One of the functions an irrevocable trust performs is its ability to reduce, or even eliminate estate taxes by removing property from the trust maker's estate.
- An irrevocable trust can also do the following:
- Reduce or eliminate estate taxes for future generations
- Create a charitable legacy
Irrevocable trusts cannot be terminated once they have been finalized. This feature sets them apart from revocable trusts which can be amended, revoked or terminated, at least until they become irrevocable at the grantor's death (the trust maker).
There are many different types of irrevocable trusts; however, people almost always establish irrevocable trusts for the purposes of reducing taxes and protecting property.
Some of the commonly used irrevocable trusts include:
- Bypass Trusts – These are used to diminish estate taxes when the second spouse passes. When the first spouse dies, most assets go into the trust, and the surviving spouse uses that trust property, but he she does not own it outright. When the surviving spouse dies, that property is not included in their estate.
- QTIP Trusts – These are used by couples to delay the payment of estate taxes to when the second spouses passes.
- Charitable Trusts – A charitable trust can reduce income and estate taxes by means of gifts to charity.
- Special Needs Trusts – A special needs trust provides support for a special needs child without affecting their eligibility for much needed government benefits such as SSI and Medicaid.
- Generations Skipping Trusts – These types of trusts are used by wealthy families to reduce estate taxes.
Contact a Las Vegas Estate Planning Lawyer
Irrevocable trusts can be used for a variety of purposes such as protecting assets from being squandered by irresponsible family members or they can be used to protect the assets of a disabled son or daughter.
To obtain more information about irrevocable trusts, contact a Las Vegas estate planning attorney from the Roland Law Firm. With over 30 years of combined experience, we're here to provide you with the estate planning tools to maximize your wealth while preserving your assets!