Trust A B For Business
Description
How to fill out Florida Marital Deduction Trust - Trust A And Bypass Trust B?
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FAQ
An AB Trust is a Trust created by married couples to help minimize estate taxes for the surviving spouse after one spouse passes away. This joint Trust allows the estate to be split into two parts (or Trusts) after the death of a spouse, and then be taxed ingly.
Key Takeaways. An A-B trust is a joint trust created by a married couple; upon one spouse's death, the trust splits into a survivor portion (the A trust) and a bypass portion (the decedent's trust, or B trust).
Here's an AB trust example. John and Mary are married and set up an AB living trust. If John dies first, his share of the trust turns into a living irrevocable trust. Mary is allowed to access the income from the trust during her life, but not the principal.
AB Trusts offer several advantages, including estate tax savings, asset protection, control over the distribution of assets, and flexibility. However, they also come with some disadvantages, such as complexity, cost, loss of step-up basis, and limited access to trust assets for the surviving spouse.
AB trust (also called a bypass trust or a credit shelter trust) is a tool used by well-off married individuals to legally maximize their estate tax exemptions. The strategy involves creating two separate trusts after one spouse passes.