• Estate PlanningIrrevocable Trust Planning

    Lifetime transfers to an Irrevocable Trust may be used to reduce Estate Taxes.

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    An Irrevocable Trust may also be utilized by the person who would like to remove the value of certain property from his or her Taxable Estate, but at the same time would like to restrict the use or enjoyment of the property by the recipient (i.e., perhaps the recipient is a spendthrift, has a problem marriage or, because of his or her profession, is at high risk for liability).

    Caution is required, however, because transfers to Irrevocable Trusts cannot be reversed, and the terms of the Trust cannot be changed once executed.

     

    Various provisions can be drafted into the Trust document so as to restrict the recipient’s outright control over the property, while insuring that the recipient has the right to the income of the property and/or access to Trust principal under certain desired circumstances.

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    If you or a loved one needs help with a situation involving one of these areas, please contact Thomas N. Silverman, P.A. at 561.775.7500 (24 hours) or info@FloridaProbateCounsel.com.

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