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The trust (not your spouse) owns the properties,however your partner can get income from the trust and,with the trustee’s approval,might likewise get principal The Law Firm of Steven F.Bliss Esq.Trust Lawyer The living trust would then be transferred to your designated trustee who would provide for your care utilizing the funds in the trust.
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Trustee- Also called a Successor Trustee,this individual cares for the work of your Trust after your death,or if you can not take care of the Trust yourself due to health problem or impairment steveblisslaw com Trust Lawyer Some trusts help limit estate taxes or legal challenges.
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The only way to ensure that somebody else has the right to make medical choices on your behalf is to produce an advance medical instruction such as a healthcare power of attorney or healthcare proxy process.
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What sort of policy should we use for our ILIT? steveblisslaw com Trust Lawyer A living trust is another way to manage what happens with your assets and is worth discussing with your estate planning team.
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