There are two basic types of trusts: revocable and irrevocable. A revocable trust can be altered during the life of the grantor (the person who creates the trust). The assets held in a revocable trust at the decedent’s death are subject to the estate tax. Conversely, an irrevocable trust generally cannot be altered after you create it. The assets held in an irrevocable trust at the decedent’s death are not generally subject to the estate tax.
For larger estates, our firm has experience in using valuation discounts and other tax-advantaged gifting strategies allowed by the Internal Revenue Service. We use specialized trusts and limited liability entities to accomplish this goal.
Executors and administrators
While our firm can help you develop an estate plan, we also assist executors and administrators in the probate process after a person dies. Probate is the judicial proceeding required to transfer title to the deceased’s heirs or beneficiaries under a will. If you are named as the executor by the terms of the will or would like to become the administrator of the estate of a family member who did not have a will, our firm can help you to become appointed by the probate court. We can also assist you in all subsequent probate court matters and procedures until the closing of the estate.