Are you looking for an experienced attorney in Wisconsin? If so, you've come to the right place. At Heritage Law Office, we offer a wide range of legal services to help you with all of your legal needs. Our experienced attorneys have the knowledge and experience to handle all types of legal matters, from estate planning to business law.
What is an IDGT?
An IDGT, or intentionally defective grantor trust, is a type of irrevocable trust that allows the grantor to transfer assets out of their estate while still maintaining control over them. The trust is "defective" because the grantor is still considered the owner of the assets for tax purposes, which means that they are responsible for paying any taxes on the assets. However, because the assets are no longer part of the grantor's estate, they are not subject to estate taxes when the grantor passes away.
IDGTs can be a powerful tool for estate planning, particularly for individuals with large estates. By transferring assets into an IDGT, the grantor can remove them from their taxable estate while still maintaining control over them. The assets in the trust can continue to appreciate in value, but they will not be subject to estate taxes when the grantor passes away.
There are some drawbacks to using an IDGT, however. For example, because the grantor is still considered the owner of the assets for tax purposes, any income generated by the trust is taxable to the grantor. Additionally, because the trust is irrevocable, the grantor cannot change the terms of the trust once it has been established.
IDGTs in Wisconsin
If you're considering using an IDGT as part of your estate planning strategy, it's important to work with an experienced attorney who can guide you through the process. At Heritage Law Office, our attorneys have years of experience helping clients in Wisconsin with all aspects of estate planning, including the use of IDGTs.
We will work with you to understand your goals and objectives, and help you determine whether an IDGT is the right tool for you. If it is, we will guide you through the process of establishing the trust and transferring assets into it. We will also help you understand the tax implications of using an IDGT, and ensure that you are in compliance with all applicable state and federal laws.
Contact an IDGT Attorney in Wisconsin
If you're interested in learning more about IDGTs and how they can help you achieve your estate planning goals, contact the experienced attorneys at Heritage Law Office today. We offer free consultations to all new clients, and we are committed to providing personalized, high-quality legal services to each and every client we serve.
To schedule your free consultation, contact us online or call us at 414-253-8500. We look forward to working with you!
Cities Served by Heritage Law Office
We proudly serve clients throughout Wisconsin, including the following cities:
- Green Bay
- Eau Claire
- Elm Grove
- Fox Point
- Whitefish Bay
- And more
We also offer remote, phone, and online appointments, so you can receive our services no matter where you are located in Wisconsin. Contact us today to learn more about how we can help you with your legal needs.