Practice Areas
Insurance TrustsSkilled Insurance Trust and Estate Tax Planning LawyerInsurance trusts are a device sometimes used to provide for one’s heirs upon the death of the person creating the trust, or the grantor. At Wellington Y. Kwan, Inc., our attorneys help people create these trusts. Revocable trusts and irrevocable trusts are common estate planning devices. The insurance trust is an irrevocable trust, meaning that the grantor loses control of the trust after it is created. Because the trust is no longer the property of the grantor, it is not subject to estate taxes when the grantor dies. Improper formation of an insurance trust can harm the beneficiary. Insurance trusts are often used to pay estate taxes. If the trust is not correctly formed, it may not pay the beneficiary as much as the grantor intended. Our attorneys have substantial experience with these trusts. We can help you create these trusts to properly benefit your heirs. Estate tax planning lawyers often recommend insurance trusts to clients who want to allow their spouses and children to pay the estate taxes without resorting to a fast sale of property. Our probate law practice is focused on creating a fair and efficient distribution of a person’s assets upon their passing. Over the years, we have seen the consequences of missteps in trust formation, estate tax planning, will drafting and other end of life matters. We can help you avoid these missteps. We can help you create a plan that will work just as you intend. If you have questions about insurance trusts, or if you would like to schedule your free initial consultation, please contact us today. |
