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DC area estate planning authority, Gary Altman, Esq., was invited to explain the use of IDIGTs (Intentionally Defective Irrevocable Grantor Trusts) on CNN's "The Situation Room with Wolf Blitzer" yesterday afternoon.
IDIGTs have become a hot topic in the current Presidential election since it was revealed that Republican candidate, Mitt Romney, established such a trust in the 1990's. IDIGTs, which are completely legal per the Federal tax code, are typically set up as a means of passing on wealth to children and grandchildren.
Altman explains, "[IDIGT] is a trust that people create where they give assets for future generations and they continue to pay the income tax on it. So, I’ve given away an asset, but I continue to pay the income tax on it, which allows me to shift more wealth to the next generation.”
The full segment can be viewed here. More information on IDIGTs to follow.
If you'd like to discuss how a trust (such as IDIGTs) might benefit you and your family, contact Altman & Associates for an appointment.