To minimize estate taxes, investors often transfer assets to an irrevocable trust. Assets transferred grow outside of the donor’s taxable estate, and thus pass to heirs entirely free of estate tax. But investment earnings in an irrevocable trust are subject to income tax at the highest tax rate. And that maximum tax rate has risen substantially in recent years. This white paper discusses how investors may reduce income taxes imposed on an irrevocable trust while still using the trust to reduce estate and gift taxes due . . .
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Good reads on tax reform status, strategies and challenges.
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