Marital Trust With Without
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FAQ
Upon the death of one spouse, the marital trust usually becomes irrevocable. The surviving spouse will receive benefits according to the trust's specific terms. If established properly, a marital trust with without mismanagement can provide ongoing financial support during a difficult time.
Among the disadvantages are the following: As irrevocable trusts, once formed, they are exceedingly difficult to dissolve or amend. Only provides an estate tax exemption of up to $24.12 million in 2022 (or $25.84 million in 2023) Requires the transfer of assets into the trust, which can be a time-consuming procedure.
The surviving spouse still serves as the initial beneficiary. But upon the creation of the trust, the trust grantor can designate a specific beneficiary or beneficiaries. This may include children from another marriage, grandchildren or anyone else.
The bottom line. A marital trust minimizes the impact of estate taxes for spouses with high net worth. It keeps estates out of probate (a potentially costly and convoluted legal process), can provide a surviving spouse with financial security, and help support heirs after the surviving spouse dies.
An example of when a marital trust might be used is when a couple has children from a previous marriage and wants to pass all property to the surviving spouse upon death, but also provide for their individual children.