North Carolina Marital-deduction Residuary Trust with a Single Trustor and Lifetime Income and Power of Appointment in Beneficiary Spouse
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How to fill out Marital-deduction Residuary Trust With A Single Trustor And Lifetime Income And Power Of Appointment In Beneficiary Spouse?
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FAQ
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.
Simple Living Trusts for Married Couples Simple living trusts are often considered the easiest kinds of trusts to set up and keep. In a simple living trust, a couple can share the control and benefits of the trust while they are living.
It may allow you to have more flexibility in dealing with complex family situations. A testamentary spousal trust is also a means of protecting and maintaining control of your assets on death as the trustee you choose invests and manages the assets held in trust.
A QTIP trust is more restrictive than a marital trust, since it limits the surviving spouse's control. The surviving spouse is limited to the income and cannot choose the final beneficiaries of the QTIP trust assets. Estate taxes are deferred until the death of the surviving spouse.
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.
In the case of a marital trust, the IRS subjects the remaining trust assets to federal estate taxes when the surviving spouse passes. However, a couple can take advantage of the federal gift and estate tax exemption. This is the amount that you can pass on to heirs before you'd ever owe an actual estate tax.
RESIDUARY TRUST. Unlike the Marital Trust, the Residuary Trust can provide for substantial flexibility and give broader discretion to the Trustee. This trust may be structured as a single trust for the benefit of all your descendants or separate trusts for each of your children (and such child's descendants).