Utah Complex Will - Income Trust for Spouse
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How to fill out Complex Will - Income Trust For Spouse?
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FAQ
To qualify as a spousal trust, the beneficiary spouse must be entitled to receive all of the income earned in the trust during their lifetime. This means that your spouse must have a legal right to enforce payment of the income and no one can withhold it from them.
In the event of divorce, a disadvantage of a SLAT is that the separated non-donor spouse will continue to benefit from the trust as a beneficiary while the donor spouse loses the indirect access in the same way that they would if the non-donor spouse passed away while they were still married.
Here's how it works: At the time of death, trust-owned assets are transferred to a trust for the benefit of the surviving spouse, essentially allowing estate taxes to be delayed until the second spouse's death.
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.
You name a lifetime beneficiary, typically your spouse, who receives income from the trust for their lifetime. Whatever is left once the spouse dies goes to the "remainder beneficiary." Your spouse will have limited access to the principal but will receive steady income at least quarterly.
Surviving Spouse's Elective Share A decedent's surviving spouse may choose to take her statutory elective share in lieu of what she receives under the decedent's estate plan. In very general terms, the elective share is one-third of the augmented estate.
In order to qualify for the marital deduction, the property must pass from the decedent to the surviving spouse, and be included in the decedent's gross estate. They then discussed each requirement and added that the property must also not be a nondeductible terminable interest.
A marital disclaimer trust has provisions (usually contained in a will) that allow a surviving spouse to leave assets in a trust for the benefit of their spouse by disclaiming ownership of a portion of the estate that the survivor would have inherited after the death of the first spouse.