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In Case You Missed It: Jeremy P. Gerch authors article on flexibility in estate plans involving irrevocable trusts
Posted in Estate Planning

In case you missed it, Bingham Greenebaum Doll LLP attorney Jeremy P. Gerch recently published an article that appeared in the Louisville Bar Association Bar Briefs.

In the article, “Preserving Flexibility in Estate Plans Involving Irrevocable Trusts,” Gerch writes about common reasons why clients may choose to utilize an irrevocable trust as part of the client’s estate plan and overcoming their hesitation towards doing so. He explains the use of an advisory committee, incorporation of a trust protector and the opportunity to decant as mechanisms to address future needed changes and thereby alleviate some hesitation that clients have about the use of irrevocable trusts. An excerpt from the article is below.

Excerpt from “Preserving Flexibility in Estate Plans Involving Irrevocable Trusts”

There are many reasons why a client may choose to utilize an irrevocable trust as part of the client’s estate plan.  These include avoiding or minimizing transfer tax and asset protection planning.  However, individuals are often reluctant to proceed with prudent planning because of their concerns about transfers to irrevocable trusts.  These concerns are generally centered around relinquishing control over the assets, and the inability to make changes to the irrevocable trust strategy if changes in tax laws or personal circumstances dictate.

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