Importance of Irrevocable Trust to avoid estate taxes and protect your wealth
You should know how to recognize what solutions are available to help you mitigate and eliminate potential estate exposure.
What is an Irrevocable Trust?
-a separate legal entity that holds your assets that can be potentially be protected from creditors and estate taxes.
Having your assets or a portion of your assets in an Irrevocable Trust can help safeguard your assets from:
Obstacles that you should be aware of to make sure you’re doing the right way:
-Independent Trustee needed for creditor protection
-Separate Tax Return, annually
-Set up costs
-Not easily changed
-Grantor does not retain benefit
Remember to make smart and well-informed decisions around your money because when we do, we enriched the quality of our lives, we have more prosperity and more protection because we’re in the position to achieve our goals.
Check out the video for a deep dive into how Irrevocable trusts work and who needs them.
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