Trust A B For The Circuit
Description
How to fill out Florida Marital Deduction Trust - Trust A And Bypass Trust B?
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FAQ
Is an AB Trust Irrevocable? An AB Trust is revocable until one spouse in a married couple dies. At that point, part of the assets are put into a revocable Trust for the surviving spouse; while the other portion goes into an irrevocable Trust on behalf of the deceased 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.
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.
A trust must have a trustee, a person who manages and protects the assets in the trust. You can choose anyone to be your trustee, but most people prefer to choose themselves. If you choose yourself, you also need to select a successor trustee who will take over when you die.
Reasons to discontinue using AB Trusts More legal and accounting costs: AB trust estate planning is more expensive and there are ongoing tax preparation fees for B trusts. More administrative work: The Trustee is responsible for the annual accounting of the B trust.