Trusts 101

Initial estate planning can be as simple as a will, some powers of attorney and a living will. A common plan for those wishing to keep it simple can be called the “123 Plan:”

  1. Give $3,500,000 to whomever (up to whatever the current annual exclusion is).
  2. Give what you want to charity.
  3. Create an Irrevocable Life Insurance Trust (ILIT) to give tax-free income to children.

Will-centered planning can be as complex as trust-centered planning, but the more involved your planning the more a trust-centered plan is indicated, for several reasons.

This page is under construction - read more about trusts here.