Care and Feeding of your Irrevocable Trusts

• Since 2012 and the threat of a reduced gift, estate and GST exemption, and especially during 2020-2022 when there were also concerns over harsh estate tax proposals, many taxpayers created irrevocable trusts and transferred substantial assets to those trusts. Many wealthy people create trusts to protect assets from claimants. Proper administration of those trusts is essential for those trusts to have any potential of achieving your goals.