Massachusetts 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
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.
A testamentary trust is created to manage the assets of the deceased on behalf of the beneficiaries. It is also used to reduce estate tax liabilities and ensure professional management of the assets of the deceased.
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.
The trust remains revocable while both spouses are alive. The couple may withdraw assets or cancel the trust completely before one spouse dies. When the first spouse dies, the trust becomes irrevocable and splits into two parts: the A trust and the B trust.
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.
A testamentary trust could also be a family trust, which holds assets for your family, while a spousal testamentary trust holds assets for a surviving spouse. If the trust is meant to help minimize your spouse's future estate value, then it might be a bypass trust.
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.
Key Takeaway. If you are married, you'll want to consider naming your spouse as the primary beneficiary of your life insurance, but you should also think about naming your revocable living trust as the primary beneficiary so the proceeds will transfer to a trust to benefit your surviving spouse.
One of the drawbacks of a testamentary trust is the considerable responsibility it puts on the trustee. He must meet regularly with the probate court to demonstrate his safe handling of the trust, and depending on your wishes, his tasks may go on for many years.
Transferring the shares of your business to a testamentary spousal trust allows you to defer the tax liability on these shares until your spouse's death, provide income to your spouse from the business during their lifetime and facilitate the succession of the business to your children.
