Iowa Marital-deduction Residuary Trust with a Single Trustor and Lifetime Income and Power of Appointment in Beneficiary Spouse
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FAQ
The fiduciary must be under a duty to distribute the income currently even if, as a matter of practical necessity, the income is not distributed until after the close of the trust's taxable year.
The grantor can opt to have the beneficiaries receive trust property directly without any restrictions. The trustee can write the beneficiary a check, give them cash, and transfer real estate by drawing up a new deed or selling the house and giving them the proceeds.
The trustee can transfer real estate to the beneficiary by having a new deed written up or selling the property and giving them the money, writing them a check or giving them cash.
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.
Outright Trust Distributions They consist of the trustee releasing each beneficiary's inheritance without any restrictions. Outright distributions can either be made as a single lump sum, or periodically. Prior to making outright trust distributions, the trustee will need to pay the trust's debts and taxes.
The first trust (the ?marital? trust) is for the surviving spouse, and the second trust (the ?bypass? or ?residual? trust) is typically for the couple's heirs. The surviving spouse can access the residual trust or receive income from it during their lifetime, but it does not belong to them.
Beneficiaries of a trust typically pay taxes on distributions they receive from the trust's income. However, they are not subject to taxes on distributions from the trust's principal.
EXAMPLE: Creator establishes a lifetime trust for a beneficiary, which then passes assets to such descendants of the beneficiary as he shall appoint in trust. The beneficiary appoints to his child (unborn at creator's death), for life, remainder to the beneficiary's grandchildren.