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Irrevocable Trusts

An Overview of the Benefits of Irrevocable Trusts

When making plans for the future of your estate, and who will benefit from your assets when you are gone, you will have several options available to you. A common option people choose is to establish an irrevocable trust. However, if you are unfamiliar with the complexities of the options you have when estate planning,…

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Facts about Irrevocable Trusts

A trust is an arrangement where the creator of the trust, or settlor, identifies a trustee to manage the assets of the trust for the benefit of one or more people known as the beneficiary or beneficiaries. A trust can be established after death pursuant to a will (known as a testamentary trust) or during…

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Is “Avoidance of Tax” a Criminal Offense?

The term “avoidance of tax” seems to indicate some auspicious behavior from taxpayers, yet the IRS manual sec says: “Avoidance of tax is not a criminal offense. All taxpayers have the right to reduce, avoid or minimize their taxes by legitimate means.” This is good news for taxpayers trying to keep more of their…

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What an Irrevocable Trust Is & the Benefits of Having One

Setting up a trust is part of a person’s estate planning strategy. Their purpose is to smoothly hand over one’s estate to the chosen beneficiaries in a set manner. Within this purpose is the desire, of course, to limit the tax liability and maximize the investment’s return. In regards to understanding how to accomplish this,…

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An Irrevocable Trust & the Advanced Planning Process

An irrevocable trust is a property interest held by one or more person for the benefit of one or more person. It cannot be modified or terminated without the permission of the beneficiary or if designed properly, by the will of the trustee which will take effect at the trustee’s death. The main advantage of…

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