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Married people often want to arrange their estate so that their surviving loved ones avoid the court and attorney involved probate proceedings. So these married couples often look into establishing a probate-avoidance revocable living trust since assets titled in the trust are not required to go through the court-supervised probate.
Married couples often inquire whether it would be better for the married couple to establish one joint revocable living trust, or whether it would be better for each spouse to establish their own living trust.
While joint trusts are more common, particularly in community property states, separate trusts for each spouse have their place. For example, some couples who get married later in life having had children from a previous relationship, often establish a prenuptial agreement with the goal of keeping all assets separate. The spouses often have different heirs, different distribution schedules, and different successor trustees. Having separate trusts may make more sense in these circumstances.
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Paul Rabalais
Estate Planning Attorney…(read more)
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How about all properties in business LLC Titled . What will trusts to do…
Is a Trust just a prenup to benefit the husband ? ? ? ? ? ? ?SERIOUSLY
So, which one is better?
Hi I am getting married in March. I have a lot on my plate- as in 3 homes under my name. How long does the trust take to do? Is it too late for me to create a trust covering all homes, and accounts etc… or can I do after the wedding?
I am not sure I understand when you say assets are divided in a joint trust at the death of first spouse in a joint trust. Is that state specific? I was under an impression that the alive spouse will take over as the sole trustee and manage the trust independently. Moreover, there is a marital deduction anyway for the alive spouse so why do we have to divide the assets at the death. In your example you said that at John's death his assets will go to John's trust or the deceased trust. That was confusing. I appreciate your time if you can explain. Best, PA
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Hi – Thanks for sharing your knowledge through your videos. I'm single and am thinking of setting up a joint trust. Any thoughts on tax ramifications?
My wife and I married late and each had our own assets. At the moment I have the only trust as I am the homeowner and a big concern to my spouse was protecting her from title fraud. She's a foreign national with most of her assets in her home country and that raised some issues at the time such that the attorney did not suggest a trust for her then, but she and the attorney may decide to prepare one later. We each have the other estate planning documents such as power of attorney, living wills, HIPAA info release, etc.
Hi Paul, would naming your joint Living Trust "Jim & Jill Jones Living Trust" be ok instead of using full names for both spouses? TIA
For separate trusts, can we still delay the payment of estate tax of first spouse to die to the time of the death of second spouse?
Are there issues with a Joint Trust and a Single Trust. I have a legacy to protect for my children from a previous marriage. My husband does not have children.
Two trusts allow for double the estate tax deduction useful now when they are talking of reducing it fro 11.7 to 3.6. Paying tax on 3.6 is a lot of money.
In a community state, can we put a provision where it splits 70/30 instead of 50/50 where 30% go to surviving spouse’s trust while 70% go to deceased spouse’s trust and still allow income distributing to surviving spouse?
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As usual, I agree with you. Separate assets, I might recommend separate trusts. Otherwise I almost always recommend a joint trust.
Paul, with joint trust, can the surviving spouse owns everything and move on with the same joint trust until the surviving spouse dies, or must the surviving spouse pay the estate tax and convert the joint trust into a separate trust if the surviving spouse wants to control everything? Maybe you could comment in a future video on how an A-B trust come into play for the topic. (Likewise, if there are separate wills and all the properties are jointly owned, can the surviving spouse owns everything without having to pay the estate tax?)
Great topic.