| Brandon SWIA - 1/30/2026 04:12
Irrevocable means irrevocable. You better trust your trustee/s 100% because if you decide you want to change something, you have no power to do that. It can be changed, just not easily, as it should have teeth in it or it aint worth diddly. I've figured out a way to legally and effectively double the current federal exemptions, through the use of irrevocable trust as a key component to the plan. Came up with the idea in The early part of Bidens term, when they were devising all sorts of big revenue raising ideas, such as eliminate stepped up basis. And the rollout of an all new tax on estates that didnt even exist prior, called the STEP act. and it was gonna be retroactive back to jan.1, so you were pretty well screwed as even a change in how an asset was titled would trigger the proposed 40% tax. So a gift would trigger the tax for example. For estates that exceeded the then federal exemption, the STEP tax combined with federal estate tax, then add in a state tax if you live in a state that has one, and roughly 90% would have gone just for tax. Glad that one didnt pass. Dodged a major bullet.
Edited by Boone & Crockett 1/30/2026 06:51
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Generational Wealth - again - sort of
