Preparation of an irrevocable life insurance and asset preservation trust with dynasty,
gifting, and income provisions, including the following:
- Grantor Defective Income Tax Provisions (causing the income to be taxed to you)
- One original Trust document
- Two original Abstracts of Trust
- Two original Certificates of Power and Authority
- Complete SS-4, fax to IRS, and obtain Tax ID Number
- Coordinate signature(s) of Trustees
- Letter and one additional copy of trust for Trustees
- Schedule of Assets Transferred to Irrevocable Trust
- Standard Letters of Instruction.
Purpose & Advantages of Irrevocable Dynasty Trust
- Protect Life Insurance from Estate Taxes
- Protect Certain Portion of Estate from Estate Taxes, Probate, Predatory Claims,
Divorce, In-Laws, Certain Medical Bills, and Other Encroachments
- Based on Funding, Provide Emergency Funds for Multiple Generations
- “Catcher’s Mitt” for Gifts
- Preserve Privacy of Family and Finances
- Enable Children and Other Family Members to Participate in Family Businesses
- Facilitate a succession plan for family businesses
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