- Estate Planning
- Wills and Trusts Lawyers
- Purpose and Application of Trusts
- People Concerned About Estate Taxes
Wills and Trusts:
Trusts are commonly used by those with significant assets because they can help reduce or avoid estate taxes. By establishing a trust for their benefit, you can make tax free gifts annually to your children or grandchildren during your life. This can reduce your taxable estate and save taxes when you pass away. A properly created trust can also reduce estate taxes by the generation skipping tax or using the marital deduction. By obtaining professional advice when drafting your trust, you can be assured that you will achieve the desired tax savings and avoid any unexpected tax results.