Looking Into Family Partnerships And Irrevocable Trusts
We often recommend creating family limited partnerships or irrevocable trusts as an integral part of an estate plan. These are highly technical documents and plans but frequently result in considerable long-term benefits for families. Family partnerships can be designed so that certain assets (such as real estate or a family business) stay in the family, for the centralized management of certain assets, and for asset protection and tax benefits. There are also many different types of irrevocable trusts that can be used to assist families in fulfilling their estate and financial goals, including irrevocable life insurance trusts, intentionally defective grantor trusts, grantor retained annuity trusts, qualified plan beneficiary trusts and trusts for minors.