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Southern Missouri | Irrevocable goes on before death, revocable after , I paid a lot of money to be told to put ours in irrevocable, main advantage is as said current exemption is 15 mil per head of household, with your spouse that’s 30 mil lifetime exemption, when you give it to irrevocable, current tax law amount is what you and spouse get to use , if another administration comes along and backs that down to lower amount, your done at the 30 million, you also get to have a lot of say in where that asset put in that irrevocable goes to and even goes to past that , with consenting parties. Boone knows a lot about all this and I don’t but I have went through it for better or worse , the parents doing the giving can set up the rent to charge management fees etc . A heck of a lot to it , ours was easy only one child , as I said I don’t really know a lot about it , you gotta trust someone that does and it’s way better if your CPA is good friends with the tax lawyer setting it up , I will say children involved need to know exactly what’s going on , our one child slipped right in and signed and I don’t think knows to this day what he signed and I’m perfectly fine with that . | |
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Generational Wealth - again - sort of
