In additional to a revocable living trust based estate plan, your estate attorney may advise you to consider more advanced estate and gift tax planning, including adding various other types of trusts, implementing asset protection strategies, and undertaking business succession planning.
The more complex your estate is, the larger the chance you’ll need to incorporate advanced estate planning modalities.
These advanced estate planning tools serve to accomplish client’s goals of minimizing estate & gift taxes, protecting beneficiaries via asset protection, leaving a charitable legacy, and/or providing for succession of a closely-held business.
Irrevocable trusts are often created to maximize estate & gift tax planning, to provide for asset protection, and to provide legacy planning for future generations.
Some of the most common types of irrevocable trusts include:
- Asset Protection Trusts (also known as: Nevada Asset Protection Trusts, Nevada Spendthrift Trusts, Nevada Self-Settled Spendthrift Trusts, Nevada Domestic Asset Protection Trusts)
- Life Insurance Trusts (also known as Irrevocable Life Insurance Trusts, or ILITs)
- Special Needs Trusts (also known as Supplemental Needs Trusts, or SNTs)
- Educational Trusts
- Dynasty Trusts
- Charitable Trusts
- Annuity Trusts
- Gifting Trusts
Other types of advanced estate planning techniques include:
- Business Formation + Planning
- Business Succession Planning
- Business Liquidity Event Planning
- Pre Marital Agreements (AKA “Nevada Prenups”)
- Post Marital Agreements
- Income + Capital Gains Tax Planning
- Estate & Gift Tax Planning
The planning team at Phillips Ballenger takes a whole-life, holistic approach to counseling clients to design a solution that meets their goals – now, and in the future.
Read more about:
- Asset Protection + Nevada Asset Protection Trusts…
- Revocable Living Trusts…
- Trust + Estate Planning FAQs…
- PB Law’s Planning Experience…