Everyone’s estate planning needs are unique, with different estate planning needs at different stages of life. The variety of choices and options can often leave you feeling confused and overwhelmed. At Dougherty, Molenda, Solfest, Hills & Bauer P.A., we can help you understand your options and work with you to find the solutions that work best for you and your family. We’ll help you decide if a trust fits your personal situation.
A revocable trust allows the grantor (creator) control over the trust assets, as well as the ability to change or terminate the trust at any time. Its use will not reduce federal estate tax. However, provisions can be included in the trust to minimize federal estate tax. The most common reason to establish a revocable trust is to avoid the expense and delay of probate.
Irrevocable trusts may be considered when the estate owner’s primary objective is to obtain federal estate tax savings. When property is placed in an irrevocable trust, the grantor is giving the property away permanently. Since the grantor no longer owns the property, it will most likely not become part of the gross estate and will not be subject to estate tax.
For more information about getting started with your estate plan or to learn more about Minnesota trusts, please feel free to contact us by phone or e-mail.