Trusts
Revocable Trust
A revocable trust allows the grantor (creator) control over the trust assets, as well as the ability to change or terminate the trust at any time. Its use will not reduce federal estate tax. However, provisions can be included in the trust to minimize federal estate tax. The most common reason to establish a revocable trust is to avoid the expense and delay of probate.
Irrevocable Trusts
Irrevocable trusts may be considered when the estate owner’s primary objective is to obtain federal estate tax savings. When property is placed in an irrevocable trust, the grantor is giving the property away permanently. Since the grantor no longer owns the property, it will most likely not become part of the gross estate and will not be subject to estate tax.
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The Law Offices of Troy M. Schrempp, ESQ provides legal advice and representation for residents of the Twin Cities metro of Minneapolis and St. Paul, Minnesota. This includes cities such as Lake Elmo, Woodbury, Oakdale, St. Paul, Maplewood, White Bear Lake, Stillwater, Oak Park Heights, Edina, Eden Prairie, Bloomington, Minneapolis, Richfield, St. Louis Park, Wayzata, Minnetonka, Hopkins and counties such as Dakota County, Scott County, Hennepin County, Washington County, Ramsey County, Carver County and Anoka County.