Sophisticated tax planning involves using trusts and entities to better protect your assets and to minimize estate tax, income tax and taxes on capital gains. This planning often involves the use of irrevocable trusts.
Irrevocable trusts are widely used for other types of specialized planning, such as special needs trusts or qualifying for Medicaid or veterans’ benefits. However, this article focuses on planning to minimize taxes on capital gains, ordinary income, estate tax and property tax.
