A tax attorney can provide the greatest insight into trust and estate planning. Why is it important to consult with an experienced and seasoned tax attorney when establishing or reviewing a trust? The very purpose of most trusts is to reduce the taxable burden associated with the assets placed within a trust and to minimize or eliminate the cost of transferring them to the beneficiaries after the founder(s) of the trust have passed.
What are the tax implications of your family’s trust? What happens when one of the spouses passes? What are the differences in tax rates for the various types of trusts versus the taxable rate for the individuals who control those assets? These are important issues to consider when establishing or reviewing a trust.
In many cases, the trust is “invisible” to the IRS (such as grantor trusts or revocable trusts), and the originator of the trust will still be responsible for much of the tax burden during the course of their life. This is usually advantageous, as the level of taxation for some trust assets may be higher than at an individual rate based on the IRS’ tax tables.
A tax attorney is required in order to achieve the greatest insight into trust and estate planning. Is your trust required to file a tax return? When and how is this to be prepared? How can you reduce the amount of taxes on your assets and income, while ensuring that your beneficiaries receive the greatest portion of your wealth after passing? These issues can become quite complicated, especially when planning for business succession or for the requirements of a special needs child.
The tax attorneys at Allen Barron provide all required expertise in a single firm. Traditional wealth planners, financial advisors and even estate planning attorneys must consult with a tax attorney to ensure that the estate plans for their clients minimize the impact of taxation. You don’t have to have a separate estate planning attorney, a financial planner and a tax attorney to create or review a trust. It can be managed with a single phone call.
For a free and substantial consultation regarding the creation or review of a trust please call 866-631-3470 or contact Allen Barron to learn more. We provide insight into trust and estate planning across multiple disciplines saving our clients valuable time, costs, and the expense of retaining multiple professionals to accomplish trust and estate planning. Learn about the full financial impact of each trust option, and the tax implications of the alternatives.