Safeguard Your Wealth With Irrevocable Trust Strategies

There are several types of irrevocable trusts, each serving a unique purpose:

• Bypass Trust: This trust is designed to allow a surviving spouse to use the trust's assets and income while keeping them out of the taxable estate. It's often used to minimize estate taxes upon the death of the second spouse.
• Charitable Remainder Trust (CRT): A CRT allows you to donate assets to a charity while receiving a stream of income for a specified period. After this period, the remaining assets go to the designated charity, offering both tax benefits and charitable giving opportunities.
• Life Insurance Trust: By placing a life insurance policy in an irrevocable trust, you can remove the policy from your estate, potentially reducing estate taxes and ensuring the policy's proceeds are distributed according to your wishes.