How To Use Irrevocable Gift Trusts To Take Advantage Of Your Estate And Gift Tax Exemptions

Before the presidential election, many wealthy taxpayers were worried that a “blue wave” would mean a reduction of their $11.58 million estate, gift, and generation-skipping transfer tax exemptions. That’s because the Democrats were expected to propose lowering those exemptions back down to the $3.5 million to $5 million range they were before President Trump signed the 2017 Tax Cut and Jobs Act. Even though that blue wave was more like a blue ripple, it’s still possible that the Democrats could … Continued

The (Only) 3 Reasons You Should Have an Irrevocable Trust | Kiplinger

The Bottom Line: Be Sure Before You Go This Route The lesson should be clear: Do not create an irrevocable trust unless you need estate tax savings, government benefits, or creditor protection, and make sure you will want to continue this benefit for the rest of your life. The (Only) 3 Reasons You Should Have an Irrevocable Trust | Kiplinger