Hawaii Testamentary Trust of the Residue of an Estate for the Benefit of a Wife with the Trust to Continue for Benefit of Children after the Death of the Wife
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How to fill out Testamentary Trust Of The Residue Of An Estate For The Benefit Of A Wife With The Trust To Continue For Benefit Of Children After The Death Of The Wife?
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FAQ
The second type of testamentary trust is usually called the "marital deduction trust." This type of trust is often structured as a "q-tip trust" or "qualified terminal interest trust."
If you're married with kids, naming a spouse as a primary beneficiary is the go-to for most people. This way, your partner can use the proceeds of the policy to help provide for your kids, pay the mortgage, and ease economic hardship that your death may bring. This is true even if one spouse is a stay-at-home parent.
A SLAT is an irrevocable trust where the spouse is a permitted beneficiary. It allows married clients to take advantage of the high gift tax exemption amount while also allowing for continued access to the gifted trust assets, if needed, while removing any appreciation on the gift from each spouse's taxable estate.
Most A Trusts are actually also QTIP Trusts. However, for it to be a QTIP Trust, only the surviving spouse can be the beneficiary of the trust during his or her lifetime, and the trust is required to pay all income generated by the trust (e.g. dividends and interest) to the surviving spouse at least annually.
When the second spouse dies, the trust passes to its designated heirs.
After one spouse dies, the surviving spouse is free to amend the terms of the trust document that deal with his or her property, but can't change the parts that determine what happens to the deceased spouse's trust property.
The assets remaining in the Marital Trust at the death of the surviving spouse are includable in the surviving spouse's taxable estate, and will receive a step up in income tax basis equal to the fair market value of the assets at the death of the surviving spouse.
After one spouse dies, the surviving spouse is free to amend the terms of the trust document that deal with his or her property, but can't change the parts that determine what happens to the deceased spouse's trust property.
The surviving spouse is the beneficiary of the marital deduction trust. The assets which fund the marital deduction trust may be used by the surviving spouse for any purpose.
The deceased spouse's assets are either put completely into a Family Trust, or split between a Family Trust and a Marital Trust. The Family Trust will no longer be considered part of the surviving spouse's estate upon death.