Planning for the future is an important part of owning a business or other personal property. If you are planning to leave someone specific property, money or other assets, it might be beneficial for you and your trust beneficiary to set up an Irrevocable Trust. There are a number of benefits to using this type of trust over a Revocable Trust option.
Estate Taxes. One of the biggest benefits for a person or business to set up an Irrevocable Trust is the impact it has on taxes. Specifically, an Irrevocable Trust removes the burden of estate taxes on your family when you die. Your attorney at Mile High Estate Planning can help you determine whether an Irrevocable Trust would be of a benefit to you for tax planning purposes.