An irrevocable trust can have many benefits, including saving you the excess tax on your hard-gained property. Most of us earn our living with the sweat and blood of our labor, and it hurts to pay excess taxes when transferring ownership of our life’s estate to our loved ones. While paying taxes is a national duty that we must not shy away from, sometimes the estate can be taxed at a very high rate if not managed right. An estate planning attorney familiar with your case is the right person to give you advice, but we can help along the process by providing the basic information you need.
Here are some basics about saving excess tax with an irrevocable trust on Long Island.