Does a married couple create one joint Living Trust Plus™ or two separate trusts? And what happens on the death of the first spouse?
Some married couples create one joint Living Trust Plus™ and some create two separate trusts. Which way depends on multiple considerations, including whether or not the trustees and beneficiaries are identical for both spouses. On the death of one spouse, typically nothing changes, as both trusts were already irrevocable prior to death. For married couples with estates larger than the Estate Tax exemption equivalent amount ($5 million in 2011), the Living Trust Plus™ is designed to take advantage of both exemptions.
