Tax Strategy - Irrevocable Trusts

[Mary Eubanks]

I spoke to a company that works with my CPA that has offered to create me an irrevocable trust in order to reduce my passive income tax liability to zero, reduce my active income (real estate commission) to nearly nothing, and make it bullet proof. Basically, what Tom Wheelwright, CPA writes about in his book "The Win-Win Wealth Strategy." Said it will cost me $35K? That doesn't sound right. Isn't this something any attorney can create? Am I out of touch?

[Ashish Acharya]

Yeah, they are talking about 643(B) trust. This structure is not necessary for you. We have a very (VERYYYYYY) high net worth who uses this for estate/tax planning. You can pay zero taxes without this with proper planning.