Irrevocable Trusts and Advanced Estate Planning Tools
There are many advanced estate planning tools that can be used to help clients minimize taxes, and plan for more complicated estate distributions after death. Some of these tools include Dynasty Trusts (protecting inheritance through multiple generations and securing assets for children against potential divorce or bankruptcy). Life Insurance Trusts (created to provide additional assets and liquidity to heirs outside of one’s estate), and Special Needs Trusts (protecting inheritance for children with special needs who are receiving governmental benefits assistance), among many, many others. Most of these types of Trusts are Irrevocable (not-changeable) but serve as very important tools for families and individuals with advanced estate planning needs. Other considerations may include business planning and formation of Family Limited Partnerships or Limited Liability Corporations to shield assets from personal liability. Every family’s situation is unique and should be evaluated by a skilled Estate Planning Attorney knowledgeable in the areas of tax and financial planning, and one who works closely with your other trusted advisors, such as accountants and financial planners.