Understanding Testamentary Trusts and Their Benefits
“Utilization of a testamentary trust for the surviving spouse is an excellent idea, whether the survivor is the husband or wife.”
A couple doing some retirement planning has an updated will and a medical power of attorney in place, prepared with the help of an estate planning attorney. They own some rental property, a small business and life insurance, but their estate is not large enough for them to worry about the federal estate tax.
Do they need or want a trust to be part of their estate plan? That’s question from a recent article titled “It’s the law: Testamentary trusts provide protection for assets” from the Post Register.
Different Types of Trusts in Estate Planning
Testamentary Trusts as a Protective Measure for Assets
Ensuring Proper Distribution of Assets in Blended Families
Addressing Special Circumstances with Trusts
Consider if your spouse remarried after your death. What happens if they leave assets that they have inherited from you to a new spouse? If the new spouse dies, do the new spouses’ children inherit assets?
By using a trust, assets are available for the surviving spouse. At the death of the surviving spouse, assets in the trust must be distributed as directed in the language of the trust. This is especially important in blended families, where there may be children from other marriages.
Tailoring Your Estate Plan to Your Specific Needs
Assessing Your Estate and Potential Risks
Working with an Estate Planning Attorney to Create a Customized Plan
Protecting Business Owners and Their Assets from Litigation
Estate Planning Legacy Planner
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