Wyoming Marital-deduction Residuary Trust with a Single Trustor and Lifetime Income and Power of Appointment in Beneficiary Spouse
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FAQ
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.
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.
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).
The effect of the marital deduction trust is that it shields both spouse's assets and estates from federal estate taxes because when the first spouse dies, the assets indicated by the settlor (the spouse who created the trust) pass to the marital trust without federal estate taxes.
Also called an "A" trust, a marital trust goes into effect when the first spouse dies. Assets are moved into the trust upon death and the income that these assets generate go to the surviving spouse?under some arrangements, the surviving spouse can also receive principal payments.
TESTAMENTARY TRUST These trusts can have many names including: Bypass Trust, Family Trust, Children's Trust, Residuary Trust or QTIP (Second Marriage Trust). Testamentary Trusts are typically created to provide support for surviving spouses, children or family groups.
The first trust (the ?marital? trust) is for the surviving spouse, and the second trust (the ?bypass? or ?residual? trust) is typically for the couple's heirs. The surviving spouse can access the residual trust or receive income from it during their lifetime, but it does not belong to them.
In most cases, the trust assets pass on to the couple's children or other family members when the surviving spouse passes.