Trust A B For Property
Description
How to fill out Florida Marital Deduction Trust - Trust A And Bypass Trust B?
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FAQ
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.
Disadvantages of an AB Trust The AB trust also limits the surviving spouse's rights to the trust property. A surviving spouse may feel entitled to all the property in the B trust, and may wish to spend the trust principle. This may conflict with the beneficiaries of the trust who wish to conserve the trust assets.
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 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.
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).