The use of trusts in estate and business planning has become increasingly popular. While not for every individual, revocable trusts, also known as living trusts, can play an important role in estate, business, and tax planning. A revocable trust can assist individuals with asset management in the event of incapacity, avoid probate, assist in maintaining a closely-held business within a family without the publicity of probate, and be a vehicle for implementing various estate, gift and generation-skipping transfer tax strategies.
Irrevocable trusts are an effective estate planning tool, especially in life insurance planning, educational planning, and charitable gifting. Whether a client desires to make educational gifts or charitable gifts in the most tax-effective manner, seek a vehicle to own life insurance to fund a buy-sell arrangement, provide liquidity to pay estate taxes upon death, or reduce the gross value of an estate for estate tax purposes, Sorling Northrup can prepare an irrevocable trust to accomplish these goals. These trusts, along with testamentary trusts and land trusts, involve complex income, estate and gift tax issues and generation-skipping transfer tax ramifications, and require specialized knowledge and skill. Experience with the preparation of these trusts, along with experience in the various administrative difficulties that may arise, permits Sorling Northrup attorneys to provide cost-effective counsel.
Sorling Northrup attorneys who practice in this area include: