Practice areas:

Family Trusts

A trust is a legal contract pursuant to which property is titled in a legal entity (the Trust) and held by a Trustee (the manager of the trust property) for the benefit of the Trust Beneficiaries. A Trust can be structured in a number of ways, and some of the more popular family trusts are:

  • Married Couple Probate Avoidance Trust, which can also be utilized by Domestic Partners, and which leaves the surviving spouse or domestic partner in full control of the entire trust at the first death. It is notable that this trust preserves the federal unlimited marital deduction extended to the surviving spouse. These trusts generally also include a springing Disclaimer Trust allowing the surviving spouse to – only if feasible – break up the trust in sub-trusts at the first death.
  • Irrevocable Life Insurance Trust, which owns policies of life insurance thus removing them from the taxable estate of the Insured.
  • Qualified Domestic Trust, which is appropriate where one of the spouses is NOT a US Citizen; this trust essentially mimics the unlimited marital deduction (which is not extended to non-US Citizens) and defers the payment of estate tax until both spouses die.
  • Second Marriage Trust, which ensures that the wishes and goals of each spouse are protected at the first death, and leaves (with proper drafting) no opportunity to the surviving spouse to disinherit the children of the deceased spouse, or take adverse position to their inheritance interests, while providing the surviving spouse with adequate support during his or her life.

This is not an exclusive list of the type of trusts available to married couples. The Trust that best fits each set of circumstances will depend on the specific family dynamic, the extent of assets, and the inheritance goals sought to be accomplished.

Contact Maria for Help with Your Planning Needs

Your privacy is secured.

Show Buttons
Hide Buttons
Make a Payment