What Kind of Revocable Living Trusts can a married couple create?
A. Basically there are two types of trust for married couple. The first type is called a simple or basic trust. With the simple trust, while both spouses are living, they continue to manage the estate together as they had before creating their trust. Upon the death of one spouse, the surviving spouse has sole and absolute control over the estate. When the second spouse dies, the assets are distributed to the heirs as directed in the trust. The simple trust is advisable for husbands and wives whose estates meet the following conditions: 1. The combined estate is under the Federal Estate Tax exemption amount and will not grow to exceed that amount. (See explanation of the Federal Estate Tax exemption amount). 2. The spouses are willing to allow the surviving spouse to have full and unrestricted use of the trust assets after the death of one spouse. If the estate is over the Federal Estate Tax exemption amount, or if the spouses want to put restrictions upon the estate once one spouse has
Related Questions
- Does a married couple create one joint Living Trust Plus™ or two separate trusts? And what happens on the death of the first spouse?
- Are there potential tax advantages for a married couple to having a Revocable Living Trust?
- Does the couple need to be parishioners of the Cathedral Church to be married at Cathedral?
