In this article, our Scott County estate tax attorneys discuss some of the tools available that help to reduce taxes in Scott County estates by using irrevocable trusts. Federal and state estate taxes are placed on the assets of a deceased individual over and above that individual’s lifetime gift and estate tax exclusion limit.
Someone who seeks to reduce the amount of taxable assets in their taxable estate can transfer ownership of existing life insurance policies to an irrevocable trust or create the trust and transfer assets and money into it. For more information how irrevocable trusts help to reduce or avoid estate taxes click on the link below.
