Irrevocable Trust Lawyers Serving Woodland Hills, Sherman Oaks, and Other Areas
Attorneys Providing Irrevocable Life Insurance Trust Services
Irrevocable trusts provide estate tax and liability reduction benefits. Funds are transferred out of the ownership of the creator of the trust. Creditors typically cannot access them to satisfy a judgment against you or other debt.
An irrevocable life insurance trust or ILIT is an estate planning tool. The trust purchases the insurance policy on the life of the individual who would otherwise have a taxable estate. It is not taxable, but proceeds can be used to pay estate tax liability or provide for other beneficiaries.
A qualified personal residence trust transfers ownership of a residence out of the ownership of an individual who may have a taxable estate. The grantor retains an interest and may reside in the home rent free.
Increasingly, we are seeing people using a revocable family trust for similar purposes. This trust is created by both spouses. When one dies, a portion becomes irrevocable. Certain administrative measures should be taken, but are being neglected. This creates problems when the second spouse passes away.
To avoid unnecessary taxation and legal work in the future, speak with an attorney at Hymes, Schreiber & Knox, LLP about your needs. Our firm takes a team approach for innovative and positive solutions via the comprehensive legal knowledge of our lawyers. We take the time to listen to clients, and help them define their objectives. We offer reasonable rates and accept credit card payments.
Contact Our Law Office Today: 818-501-5800 or 661-257-2737