Protect Wealth From Death Tax
Trusts may be revocable or irrevocable and may be included in a will to take effect at death. For this reason, the government considers the specified assets to still be included in the grantor’s taxable estate. Therefore, you may possibly have to pay estate taxes on those assets remaining after your death. In addition, you may have to pay income taxes on revenue generated by the trust during your lifetime. In general the assets placed into an irrevocable trust are permanently removed from a grantor’s estate and transferred to the trust. Income and capital gains taxes on assets in the trust can be paid by the trustee on behalf of the trust or the grantor, depending on the type of trust. The attorneys at Sagaria Law our well educated on the law and its operation, and will help you safeguard your wealth from the reach of unnecessary taxes.