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What is the difference between a tax planning trust, and one without tax planning?

March 20, 2017

What is the difference between a tax planning trust, and one without tax planning?




When an attorney refers to a tax planning trust or non-tax planning trust, he/she is really referring to a comprehensive estate plan with or without a tax planning provision.  The tax planning provision is only applicable to married couples, and essentially allows the married couple to double the estate tax exemption amount and apply that amount to the couple’s estate.  For example, if the exemption amount is $1million dollars, and you create a tax planning provision in your estate plan, your exemption amount is now $2 million dollars.  This means that less of your total estate would subject to taxes because you get to claim a larger tax exemption.  For married couples, the tax planning provision is extremely helpful and you should incorporate it.  This will allow your beneficiaries the opportunity to keep a much larger portion of your estate, rather than it going to the government.  Tax planning really refers to the amount of money your beneficiaries (children, etc.) get to keep versus what the government is going to take.  You have worked really hard to acquire your assets, they should go to whomever you wish them to go rather than the government.  For more information about this or any our legal services, please call us for a free legal consultation!


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