Irrevocable Trust Services
An irrevocable trusts 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.
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 of 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 provisions within the agreement are fulfilled. Among one 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.
Spread the Word:
"I recommend Chandler & Knowles CPA's without hesitation, and we look forward to working with Rochelle, Kristy and the rest of the C&K staff for another 7 years and beyond!"
~ Tony Rex, CEO of Medical Experts of Texas, P.A./Premier Inpatient Management Services, LLC
They are a great company to trust with all of your tax needs. They are good people and I enjoy my relationship with them. And it truly is a relationship, not just a service I use once a year.
~ Rick Schenck, UPS Business Owner
Great people. Effective. Efficient. Competent. Unlikely you would find a better, or even equal, CPA firm in the DFW Metroplex, and likely in the State.
~ Todd Benton
"The staff at Chandler & Knowles CPAs could not be better! They are always friendly, accommodating, and efficient. Their quick return/response time is greatly appreciated, as customer service is an uncommon practice during this day and time."
~ Tracy Richards
Related Pages & Posts:
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,…Read More
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…Read More
Trusts fall into two seemingly simple categories: revocable or irrevocable. However, things get more complicated from there. One type of irrevocable trust is a Qualified Personal Residence Trust. This is useful because the value of the home is not counted as part of your estate when it is in this trust. Timing is crucial when…Read More
The term “avoidance of tax” seems to indicate some auspicious behavior from taxpayers, yet the IRS manual sec 220.127.116.11.4. 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…Read More
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,…Read More
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…Read More