Irrevocable trusts are a common estate planning tool that can be utilized to help reduce or remove estate taxes in a variety of ways. They are also known as irrevocable living trusts and testamentary trusts. However, once finalized, they cannot be terminated or altered.
Call the estate planning professionals at The Law Office Of Paul D. White P.A. today for more information on whether an irrevocable trust is the right option for your estate planning needs. We have over 26 years of probate experience ready to help you.
Choose From These Types Of Irrevocable Trusts
Here are just some of the common trusts our attorney can help you create:
- Bypass trusts: used by spouses to reduce estate taxes after both of them pass away. After the first spouse dies, the assets and property go into the trust for the second spouse, but they never own it despite being able to use the property and income. After the second spouse dies, the trust property is not included in their estate
- QTIP trusts: used by couples to postpone paying taxes on an estate until after the second spouse dies
- Charitable trusts: reduces income and estate taxes through charitable gifts. They are available in the forms of charitable remainder trusts, charitable lead trusts, and pooled income trusts
Other examples include:
- Generation-skipping trusts
- Life insurance trusts
- Grantor retained interest trusts
What Kind Of Trust Is Right For You? Contact Us To Discuss Your Options.
The Law Office Of Paul D. White P.A. is based in Bryant, Arkansas, and serves clients throughout Saline County. We are pleased to offer free initial consultations to all prospective clients. To discuss your estate planning needs with a skilled and experienced lawyer, call us at 501-847-5556 or reach us online.
