Helping With Complex Estate Planning And Trust Administration Needs
For those concerned with federal and state taxes on the transfer of wealth, GEM Family Law has experience in using a variety of irrevocable trusts to reduce these taxes. Our process includes identifying assets to fund the trust, determining the best type of irrevocable trust for the needs of the beneficiaries, preparing the trust agreement, and funding the trust.
Trusts that our attorneys have prepared include spousal lifetime access trusts, intentionally defective grantor trusts, irrevocable life insurance trusts, annual gifting trusts or “Crummey Trusts”, and charitable trusts. Regardless of the type of irrevocable trust you need, our estate planning team will work with you every step of the way, from drafting the trust agreement to preparing the Form 709 gift tax return.
If you are the trustee of an existing irrevocable trust, GEM Family Law can help understand your duties as trustee and your obligations to the beneficiaries, as well as administrative tasks such as changing the state of the trust’s administration, modifying the terms of the trust, appointing successor trustees, and the use of nonjudicial settlement agreements.