Backdating allocation of marital assets into survivor trust john cusack dating history

No estate tax calculation is performed on assets held in the Survivor’s Trust until the Surviving Spouse dies.

The process for “funding” the Survivor’s Trust, that is, the actual transfer of title to the Survivor’s Trust after the death of the first spouse, is similar to the process for funding the Bypass Trust discussed in the last issue.

This is because the B trust uses up the estate tax exemption of the spouse that died first, hence, any funds left in the decedent’s trust will be passed tax-free.

As the decedent’s trust is not considered part of the surviving spouse's estate for purposes of estate tax, double-taxation is avoided.

After the surviving spouse dies, only the assets in the A trust are subject to estate taxes.The A trust contains the surviving spouse’s property interests, but s/he has limited control over the assets in the deceased spouse's trust.However, this limited control over the B trust will still enable the surviving spouse to live in the couple's house and draw income from the trust, provided these terms are stipulated in the trust.So only people with estates valued over .43 million will opt for an A-B trust.With the portability provision, a surviving spouse can include the tax exemption of his or her late spouse, allowing up to .86 million in assets that can be transferred tax-free to beneficiaries.

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