Virginia 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
A Spousal Lifetime Access Trust (SLAT) is an irrevocable trust set up by one spouse for the benefit of the other spouse (and possibly other family members) during your lifetime. A properly structured SLAT will help you avoid federal estate taxes while still providing limited access to the trust assets.
A married couple has many reasons to establish a living trust. A living trust can help their estate survive onerous estate taxes, avoid probate if they both die, and side step the need for a conservatorship if either one (or both) become incapacitated.
Definition of a complex trust The trust must retain some of its income and not distribute all of it to beneficiaries.
A spousal lifetime access trust (SLAT) is a trust created by one spouse (trustmaker spouse) for the benefit of the other (beneficiary spouse). This estate planning tool can be used to retain as much control over your property and assets as possible while not paying any more taxes than you have to.
A testamentary spousal trust is a trust that is established for the benefit of your surviving spouse or common- law partner through provisions in your Will. For the purposes of this article, any reference to ?spouse? includes a common-law partner.
Many couples want to leave all trust property to the survivor. If you choose that option, we'll insert your spouse or partner's name (entered earlier) as beneficiary of all your trust property.
A marital trust is a type of irrevocable trust that allows you to transfer assets to a surviving spouse tax-free. It can also shield the estate of the surviving spouse before the remaining assets pass on to their children.
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.
A marital trust is also beneficial since it can provide income to the surviving spouse, tax free. However, the grantor may set a limit on how much can be withdrawn from the trust over time.