Irrevocable Trusts and Taxes: An Overview
Before you set up a new irrevocable trust, you need to understand what taxes you and any future beneficiaries may need to pay. When it comes to taxes, irrevocable trusts have different rules and limitations compared to revocable trusts. Fortunately, you can often use irrevocable trusts – especially when set up by specialists like Dominion – to minimize or avoid certain types of taxes entirely. Let’s dive deeper.
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