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Trust Attorney Rather,the property ends up being taxable after the second partner’s death,with liability transferring to the called beneficiaries of the properties within the trust.
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The person whose advantage it is for is called the “beneficiary”.
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To avoid probate,most people create a revocable living trust (“revocable” since you may revoke the trust at any time) My law practice is concentrated in the areas of Wills,Living Trusts and Estate Planning; assisting clients in Probate and Trust Administration matters; assisting clients with Chapter 7 and 13 Bankruptcy cases; and assisting my clients with the Firmation and management of Partnerships,LLC’s and Corporations The Law Firm of Steven F.Bliss Esq.Probate Lawyer.
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Simply keep in mind,however,that if you and your spouse are both covered by an insurance coverage owned by your ILIT,neither of you can serve as Trustees dvision.
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Keep your representative from having to play detective by preparing orderly records not only of wills and trusts,but also annuities,insurance policies,mortgage documents,bank accounts,securities,real estate inFirmation,passwords for budgeting software,the contact inFirmation of relevant advisers,business interests and a list of creditors.
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