Irrevocable Trusts

Minimizing Estate Taxes

An irrevocable trust can help reduce estate taxes by transferring assets out of the taxable estate. By gifting assets into the trust, the grantor removes them from their taxable estate, potentially resulting in significant tax savings. This allows a larger portion of the estate to pass to beneficiaries while retaining some control over the trust’s terms.

Asset Protection

Assets placed in an irrevocable trust are typically shielded from creditors, lawsuits, and other financial risks. This level of protection helps safeguard wealth from unforeseen circumstances, ensuring financial security for future generations. Irrevocable trusts create a buffer between the grantor's personal liabilities and the trust’s assets, preserving the estate for the intended beneficiaries.

Special Needs Planning

Irrevocable trusts can include provisions tailored for a special needs child or beneficiary. A special needs trust ensures the beneficiary receives financial support while maintaining eligibility for government assistance programs. These trusts can address medical care, education, and quality-of-life enhancements, all while protecting the beneficiary’s entitlements.

How Peoples Trust can assist

Peoples Trust specializes in crafting irrevocable trust strategies designed to align with your unique goals and priorities. Our team brings extensive experience in estate planning and tax strategies, collaborating with clients to ensure their trust is optimized for tax efficiency, asset protection, and personalized provisions for beneficiaries.

Trustee Services

As a trusted partner, Peoples Trust can serve as the trustee for your irrevocable trust, ensuring the plan is executed as intended. Our fiduciary responsibilities include:

• Trust Administration: Overseeing the day-to-day management of the trust.
• Asset Management: Ensuring trust assets are invested and managed according to the trust’s goals.
• Distribution Oversight: Administering funds in accordance with the trust’s terms.

By acting as trustee, we provide stability, expertise, and a commitment to upholding your intentions, ensuring continuity for your estate plan over the long term.

Irrevocable trusts offer a strategic approach to achieving estate planning objectives, from minimizing taxes to protecting assets and addressing specialized needs.