Irrevocable trusts are among the more sophisticated estate planning and wealth transfer tools employed by the attorneys at Bingham Greenebaum Doll LLP. Irrevocable trusts can help protect assets and future beneficiaries from potential creditors, as well as reduce the value of a taxable estate.
Our attorneys work closely with their clients to design and establish various trusts, such as gift, grantor, qualified personal residence, life insurance, grantor retained interest, charitable lead and charitable remainder trusts, minor's trusts, supplemental needs and special needs trusts.
Our attorneys may recommend the use of irrevocable trusts as part of a comprehensive estate plan for business owners, C-Suite executives or other high net worth individuals. Our irrevocable trust tools include:
- Life insurance proceeds
- Minor trusts
- Personal residence trust
- Supplemental and special needs trust
An irrevocable trust can provide many benefits; however, it may be subject to federal gift tax, but can be made tax-free through the use of available gift tax exclusions and exemptions. The attorneys of Bingham Greenebaum Doll LLP will work closely with you to determine if an irrevocable trust will help you reach your estate planning goals.
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