Irrevocable Trust Services
An irrevocable trust ensures that your wealth is protected and distributed to the people and causes you care about the most. Having your trust prepared by a knowledgeable and experienced CPA is not only beneficial to its correct distribution but also helps safeguard your estate and other assets from high taxation. With over 20 years of experience, Chandler & Knowles CPAs can help you plan and draft the most important details of your irrevocable trust and shield assets from taxes.
Benefits of Irrevocable Trusts
An irrevocable trust in the state of Texas is also known as a trust agreement that entails ownership, management, and distribution of wealth and assets. The most important aspect of your trust is assets are tax exempted and they cannot be returned or modified by the grantor once the agreement is drafted and signed. Assets that are placed within an irrevocable trust are exempted from estate taxation because they are no longer included in the gross estate when filing taxes.
Read more benefits of irrevocable trusts.
Choosing Chandler & Knowles CPAs trust services ensures that the sections of your trust meet your current and future financial goals.
Below is the basic structure of your irrevocable trust:
Grantor -- A grantor or settler is the individual who places the asset or wealth into the trust agreement. The grantor is responsible for choosing which property and assets to include within the written contract and determines which people should receive the benefits. Our experts will help you understand the role and other important aspects of being a grantor within your trust.
Trustee -- The trustee manages and oversees the wealth in the trust agreement. This role entails working directly with the people that benefit from the estate and ensures that all of the provisions within the agreement are fulfilled. Among one of the most important aspects of selecting a trustee, is that it requires financial expertise to manage investments over time to ensure that the assets are producing earnings to meet the objectives set for the estate.
Beneficiary -- The beneficiaries are the individuals who receive the wealth and assets stated within the agreement. Depending on the written terms of the contract, beneficiaries are entitled to payments or gifts set up by the grantor. Beneficiaries are also entitled to documentation and accounting information that details how the estate is being managed.
Speak to a Professional CPA Today
At Chandler & Knowles, your financial success is our goal. Let use help you plan and draft your trust so it can meet the objectives and vision for your estate to ensure the wellbeing of your family.
To learn more about our irrevocable trust services and set up an appointment at one of our locations in Flower Mound or Addison, Texas office by filling out our online contact form or calling us today at 817-430-3000.
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