|
A Standard Living Trust helps
you avoid probate (1), an expensive and time
consuming court process. Your loved ones will
receive your property smoothly when you pass
away.
The Standard Living Trust is
revocable. This means that each spouse can
revoke it at any time before she becomes
incapacitated or dies.
Your Standard Living Trust can be individual
(created by yourself alone), or joint (you create it
jointly with your spouse). When the first spouse
dies, property left to the surviving spouse is
not subject to federal estate tax. However, the
combined estate will be subject to federal
estate taxes when the last spouse dies. If at
that time, the combined estate would be
above the federal estate tax threshold of
that year, a serious portion of the estate left
to your loved ones may be owed to the IRS. |
If you have a
sizable estate, you may be interested in
avoiding probate (1), but also in
avoiding or reducing federal estate tax (2). If
that's the case, the AB Living Trust may be the choice.
The AB Living Trust is also revocable while
both spouses are alive. When the first spouse
dies, depending on your choices, the AB trust
may be divided in Trust A (irrevocable), and
Trust B (revocable). The purpose of the split is
to subject each spouse's estate to federal
estate tax separately, when the respective
spouse dies, and not combined; that way, it is
likelier that each estate can pass under the
federal estate tax threshold, and therefore,
save money.
The federal estate tax threshold, changes every
year. It is $2,000,000 in 2008, it will go away
in 2010, and it will go back to $1,000,000 in
2011 unless Congress will pass new law. If you
anticipate that your estate combined with your
wife's estate will likely be less than $1,000,000
when the last of you dies, it is likely that you
don't need an AB Living Trust. If you create one
now, and later you realize that you don't need
one, because the estate tax was repealed for
example, remember, you can revoke the AB living
trust.
|
 I
need more info.
Click here to read more below about the
elements of a Standard Living Trust. This
information will also guide you step-by-step on
the next screen to complete your order.
Judge for yourself how helpful the guide is, and
how comprehensive the Standard Living Trust
we prepare would be. |
I
need more info.
Click here
to read more below about the elements of an AB
Living Trust. This information will
also guide you step-by-step on the next screen
to complete your order. Judge for yourself how
helpful the guide is, and how comprehensive the AB Living Trust
we prepare would be. |
I
have decided,
