Having an estate plan in place can give you a real sense of peace. Part of that plan can be a trust. A trust can be set up for many reasons. It is a financial vehicle to give or donate money and assets from one person to another person or charity. There are some real tax advantages to having a trust in place.
You aren’t taxed by the federal government on trust assets while you are alive. Any funds generated by the trust are taxed, however, and this is an important distinction. The amount taxed could be profit from a business or interest on a savings account or stocks that have increased in value.
When you have an irrevocable trust, the person who sets it up — called the donor — doesn’t have to pay taxes and this can be so attractive if you are in a high tax bracket. The disadvantage to this type of trust is that if you want to amend it, you must go before the court and request a change.
Having advise from a knowledgeable individual from Weinstein Randisi can be so helpful. We have 50 years of experience in dealing with the area of estate planning and trusts. We are able to advise you as to what the court needs to hear in order to amend an irrevocable trust, along with many other issues that may come up that you need to be informed about.
Trusts can be set up for specific people in your life or for certain charities as well. Your heirs will appreciate the fact that you have left them with property, funds and assets that are well looked after.
If you pass away, are your accounts in order? There is so much information available on the internet it can be confusing. Focusing on the website of Weistein Randisi can make the picture clearer for you.