Legal Question in Wills and Trusts in Michigan
Most of my father's assets are in CD's - about $1.5 million. Two thirds of that money is in an IRA account and the other third is in a regular non-IRA account. He owns his house, which has a value of $200,000. And he has three life insurance policies with face amount's totaling $50,000.
Could he put some of the cash (enough to lower his remaining estate value to less than $1 million) into an irrevocable trust with conditions on the trust that the beneficiaries are not to receive the money until some future event? For example:
a. When each beneficiary turns 60 (or some age)?
b. When he dies?
My father is concerned that he may have more money in his estate than the personal exemption ($1 million in 2011). He's wondering if an irrevocable trust could be used to reduce the value of his estate so it would not be subject to estate taxes (55% in 2011).
Thanks.
Marc
2 Answers from Attorneys
Your father is the client and he should be seeking a consultation with an experienced Trust Attorney. This is too complex for internet advice. www.kliszlaw.com
Please contact me to discuss in further detail at www.johntatone.com
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