Advanced Estate Tax Minimization and Asset Protection
A revocable trust is a valuable and versatile estate planning tool, but it has its limitations. For larger estates, it may be necessary to deposit some assets in irrevocable trusts to more fully shield the estate from taxation and creditors.
The Boston tax lawyers of Cushing & Dolan, P.C., provide sophisticated estate planning for business owners, professionals and other high net worth clients in Massachusetts and New Hampshire. We invite you to arrange a consultation to explore your options for estate tax minimization and asset protection.
An irrevocable trust, as the name implies, cannot be revoked or amended once established. You cannot access or control assets as those duties are in the hands of the trustee. However, some irrevocable trusts can allow for dispositive provisions to be changed by means of exercising a limited Power of Appointment.
Irrevocable trusts can be used to address specific situations such as the need for Medicaid eligibility planning or gifting of assets to future generations. We are well-versed in strategies to minimize state and federal estate taxes, protect assets from creditor attachments and streamline the probate process.
Our attorneys are familiar with irrevocable trusts for many purposes, including:
- Medicaid Irrevocable Trusts
- Domestic asset protection trusts (e.g., New Hampshire trust or Delaware trust)
- Irrevocable life insurance trust (ILIT)
- Intentionally defective grantor trust
- Charitable remainder trust
Boston Estate and Tax Planning Attorneys
For a detailed explanation of the estate planning vehicles best suited to your asset base, circumstances and goals, call 617-523-1555 or contact us online. We offer a free consultation at six convenient locations in Boston and surrounding counties.