Probate
Sep. 29, 2010
Modifying Irrevocable Trusts To Reflect Family Changes
Fear of irrevocable trusts can cost clients important benefits in estate tax and asset protection planning, by Bruce Givner and Owen Kaye of Givner & Kaye.
Irrevocable trusts are important tools in both estate tax planning and asset protection planning. For example, an irrevocable trust for the benefit of the children can own an insurance policy so that the proceeds are not included in the parents' taxable estates. That same trust can also be a member of an LLC with the parents so that the parents have the benefit of the charging order limit available to members of a multi-...
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