Washington 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
Three commonly used testamentary trusts are the "survivor's trust," the "marital deduction trust," and the "by-pass trust." If you leave a surviving spouse, the survivor's trust usually contains all of the surviving spouse's assets as well as the surviving spouse's share of any community property assets.
The surviving spouse is the sole lifetime beneficiary of the trust and can maintain the right to withdraw income and principal from the trust. The assets in the trust avoid probate on the surviving spouse's death but are including included in the surviving spouse's estate.
What happens in this type of trust is that the trust is a joint revocable trust when both spouses are alive. When one of the spouses dies, the trust will then split into two trusts automatically. Each trust will have half the assets of the trust along with the separate property of the spouse.
There are three types of marital trusts: a general power of appointment, a qualified terminable interest property (QTIP) trust, and an estate trust. A martial trust protects the assets and benefits of a surviving spouse and children.
You can establish a marital trust with the help of an attorney who specializes in estate planning. The trust document must specify all assets and property held in the trust. This can include nearly anything of value. That includes stocks, bonds, mutual funds, cash and physical property.
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.
This technique is novel because normally, gifts between spouses qualify for the federal estate and gift tax marital deduction and must be included in the spouse's estate at death. Gifts made to an Irrevocable Spousal Trust are not taxed in the survivor's estate.
The marital deduction is unlimited. The correct answer is a. An outright specific bequest of property from a U.S. citizen to his resident alien spouse does not qualify for the marital deduction.
A Bypass Trust is sometimes called a Residual Trust, a Family Trust, or a Tax Avoidance Trust. Typically, the entire estate is divided in half (provided the entire estate is community property) and the decedent's half goes into a Bypass Trust.
A marital deduction trust can take one of two forms, either a life estate coupled with a general power of appointment given to the spouse or a Qualified Terminable Interest Property (QTIP) trust.