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Drafting And Creating Trusts That Work for You

Trusts are invaluable estate planning tools used to distribute assets, minimize estate taxes, avoid probate, and provide long-term care for loved ones. However, there are numerous types of trusts that may be created, so it is extremely important to work with a law firm that has extensive experience and knowledge of both estate planning and taxation. In Philadelphia, Pennsylvania, and New Jersey, contact Avallone Law Associates to discuss the creation of a customized estate plan tailored to meet your exact needs.

Trusts and Tax Implications

Our Philadelphia firm has assisted individuals and families with complex estate planning and business succession matters since 1982. We will help you understand your asset management options, assess your financial goals and analyze which type of trust works best for your situation.

Some of the more common trusts include:

  • Revocable trust: can provide for more orderly management of assets and can help to avoid probate if properly structured and administered
  • Irrevocable trust: if structured and administered properly, can minimize gift and estate taxes
  • Irrevocable life insurance trust: also known as ILIT, allows the proceeds of a life insurance policy to avoid estate taxes
  • Grantor retained trust: allows the grantor to retain income from property transferred to the trust
  • Qualified personal residence trust: also known at QPRT, transfers a grantor’s principle residence to the trust while allowing him or her to retain use of the property for life or a specified term
  • Charitable split interest trust: allows a grantor to distribute property to both individuals and charities
  • Dynasty trust: do not transfer direct ownership of trust assets to any beneficiaries, thereby avoiding or minimizing transfer taxes for subsequent generations
  • Intentionally defective grantor trust: permits the grantor to place assets in a trust, while still being treated as the owner of the assets for income tax purposes

Because many estate planning decisions have tax implications, especially trusts, our firm has built strong relationships with professionals in the tax industry. If needed, we will consult with tax attorneys, accountants and other industry experts to ensure that all potential tax issues are addressed promptly and thoroughly.

Answers to Estate Planning Questions

If you have questions or concerns regarding estate planning or the minimization of estate and gift tax implications, please call our firm. We are well-versed in the law and have 40 years of experience providing dedicated counsel and steadfast representation. We can assist you with wills, special needs trusts, real estate and family law matters.

To schedule a free initial consultation to discuss your estate planning options or to begin creating your will and/or trusts, contact a lawyer at Avallone Law Associates today.