Sometimes, your estate will require detailed planning, especially if your estate may be taxable upon your death. As an addition to the work we do in our Estate Planning practice, Taroff & Taitz, LLP is skilled in recognizing your need to establish trusts to further preserve your assets for your beneficiaries.
Proceeds from your life insurance policies are generally included in your estate for tax purposes upon your death. Trusts may be useful in keeping such proceeds out of your taxable estate. A trust may be established to specifically own a life insurance policy, reducing your taxable estate upon your passing and preserving more of your assets for your family and loved ones.
The attorneys at Taroff & Taitz, LLP will explain how the trust works, how you and your beneficiaries will benefit from it, and, most importantly, establish and manage the trust for you as needed.
Our attorneys are here to help you secure the future for the ones you love, while helping to preserve the legacy you have created.