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The irrevocable trust can be used to obtain certain income and estate tax savings not available to revocable trusts. The following goals may be accomplished through the use of an irrevocable trust:
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Allowing insurance on the grantor's life to be available for family members estate tax-free;
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Providing trust management for gifts to minors, without losing the benefit of the annual gift tax exclusion;
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Avoiding one or two generations of estate taxes, all while providing management for family assets; and
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Using the trust as a coordinating recipient of gifts and bequests for beneficiaries.
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