A well-developed estate plan incorporates strategies involving trusts to minimize or eliminate taxes. Transferring assets into revocable or irrevocable trusts change the ownership, adjusts asset values, and modifies how rules are applied to tax laws. Trusts can be used for your family, business, charitable causes, and various other estate planning goals. A strategy considers the size of your estate and particular family needs but may include:
- Applying for life insurance policies, annuities, 401Ks, and other qualified retirement plans
- Setting up a business or family entity, such as an LLC
- Purchasing long-term care insurance (LTC) or applying for Medicaid and Veterans benefits
- Forming trusts to avoid probate and minimize federal and estate taxes, including charitable and life insurance trusts
There are many reasons your family or business may be concerned about asset protection. Reach out to us to learn more about revocable and irrevocable trusts and how they protect you now and in the future.
Patrick Anderson has over 15 years of experience in estate planning, elder law, real estate transactions, asset protection trusts for Medicaid and Veterans planning, and business law transactions. He achieved an MNC Counseling degree and a Bachelor of Divinity at Shalom Bible College & Seminary before getting his JD at Oak Brook College of Law. He is a member of the State Bar of California, and a licensed attorney practicing in the San Francisco Bay Area.