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Revocable Living Trust
Trusts for Couples
This is a limited list of Trusts for Couples, as more options exist in our software program than what is displayed herein.
Pro’s
Simple; maximum flexibility for the survivor to change beneficiary provisions.
Con’s
No tax planning if estate tax laws change; no opportunity for creditor protection or Medicaid planning.
Simple; maximum flexibility for the survivor to change beneficiary provisions.
Con’s
No tax planning if estate tax laws change; no opportunity for creditor protection or Medicaid planning.
Pro’s
Simple; 9 month opportunity for tax planning at first death if size of estate and/or estate tax laws change; can decide at first death if creditor protection or Medicaid planning is needed.
Con’s
Survivor controls (“keeps”) everything; if irrevocable trust is created, no flexibility for the survivor to change beneficiary provisions of that trust (no LPOA permitted).
Simple; 9 month opportunity for tax planning at first death if size of estate and/or estate tax laws change; can decide at first death if creditor protection or Medicaid planning is needed.
Con’s
Survivor controls (“keeps”) everything; if irrevocable trust is created, no flexibility for the survivor to change beneficiary provisions of that trust (no LPOA permitted).
Revised Version
Has with an option for a pecuniary formula State estate tax distribution and (if no State estate tax) a “federal estate tax “saving clause.
Pro’s
No disclaimer or election needed by survivor after first death if tax planning is required; establishes creditor protection and/or Medicaid planning after first death; protects the deceased spouse’s beneficiaries; permits the use of a LPOA for flexibility for the survivor to change the beneficiary provisions.
Con’s
Requires the creation of an irrevocable trust with administrative costs; no step-up in basis on assets in irrevocable trust after the second death.
Has with an option for a pecuniary formula State estate tax distribution and (if no State estate tax) a “federal estate tax “saving clause.
Pro’s
No disclaimer or election needed by survivor after first death if tax planning is required; establishes creditor protection and/or Medicaid planning after first death; protects the deceased spouse’s beneficiaries; permits the use of a LPOA for flexibility for the survivor to change the beneficiary provisions.
Con’s
Requires the creation of an irrevocable trust with administrative costs; no step-up in basis on assets in irrevocable trust after the second death.
Pro’s
15 month opportunity for tax planning at first death if size of estate and/or estate tax laws change; establishes creditor protection and/or Medicaid planning after first death; protects the deceased spouse’s beneficiaries; permits the use of a LPOA for flexibility for the survivor to change beneficiary provisions; step-up in basis on the assets in the irrevocable trust at the survivor’s death.
Con’s
Requires the creation of an irrevocable trust with administrative costs.
15 month opportunity for tax planning at first death if size of estate and/or estate tax laws change; establishes creditor protection and/or Medicaid planning after first death; protects the deceased spouse’s beneficiaries; permits the use of a LPOA for flexibility for the survivor to change beneficiary provisions; step-up in basis on the assets in the irrevocable trust at the survivor’s death.
Con’s
Requires the creation of an irrevocable trust with administrative costs.
Pro’s
Doubles the state exemption; 15 month opportunity for federal tax planning at first death if size of estate and/or estate tax laws change; establishes creditor protection and/or Medicaid planning after first death; protects the deceased spouse’s beneficiaries; permits the use of a LPOA for flexibility for the survivor to change beneficiary provisions; step-up in basis on the assets in the irrevocable trust at the survivor’s death.
Con’s
Requires the creation of an irrevocable trust with administrative costs.
Doubles the state exemption; 15 month opportunity for federal tax planning at first death if size of estate and/or estate tax laws change; establishes creditor protection and/or Medicaid planning after first death; protects the deceased spouse’s beneficiaries; permits the use of a LPOA for flexibility for the survivor to change beneficiary provisions; step-up in basis on the assets in the irrevocable trust at the survivor’s death.
Con’s
Requires the creation of an irrevocable trust with administrative costs.
Pro’s
15 month election for tax planning at first death; maximum funding of marital deduction trust for step-up in basis on the assets in the marital deduction trust at the survivor’s death; establishes creditor protection and/or Medicaid planning after first death; protects the deceased spouse’s beneficiaries; permits the use of a LPOA for flexibility for the survivor to change beneficiary provisions.
Con’s
Requires the creation of at least one and potentially several irrevocable trusts with administrative costs.
15 month election for tax planning at first death; maximum funding of marital deduction trust for step-up in basis on the assets in the marital deduction trust at the survivor’s death; establishes creditor protection and/or Medicaid planning after first death; protects the deceased spouse’s beneficiaries; permits the use of a LPOA for flexibility for the survivor to change beneficiary provisions.
Con’s
Requires the creation of at least one and potentially several irrevocable trusts with administrative costs.
Pro’s
Establishes creditor protection and/or Medicaid planning after first death; protects the deceased spouse’s beneficiaries; permits the use of a LPOA for flexibility for the survivor to change beneficiary provisions.
Con’s
Requires the creation of several irrevocable trusts with administrative costs.
Establishes creditor protection and/or Medicaid planning after first death; protects the deceased spouse’s beneficiaries; permits the use of a LPOA for flexibility for the survivor to change beneficiary provisions.
Con’s
Requires the creation of several irrevocable trusts with administrative costs.
Pro’s
Allows the use of the unlimited marital deduction to eliminate any tax at the first death; establishes creditor protection and/or Medicaid planning after first death; protects the deceased spouse’s beneficiaries; permits the use of a LPOA for flexibility for the survivor to change beneficiary provisions.
Con’s
Requires the creation of several irrevocable trusts with administrative costs.
Allows the use of the unlimited marital deduction to eliminate any tax at the first death; establishes creditor protection and/or Medicaid planning after first death; protects the deceased spouse’s beneficiaries; permits the use of a LPOA for flexibility for the survivor to change beneficiary provisions.
Con’s
Requires the creation of several irrevocable trusts with administrative costs.