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9 (Potential) Problems with Your Trust

It’s a useful exercise to make sure that you understand what is in your trust. Other issues, particularly those related to tax issues, will require consulting with Linda Strohschein. We are hosting a free lunch and learn about the different types of trusts and how to best reach your estate planning goals this Thursday, January 23rd. RSVP today!

September 2, 2011

Estate Tax Portability

In the past, we’ve advised married clients to divide their assets between their revocable trusts in such a way as to “equalize” their estates. The reason for this was that we could not know who would pass away first and we wanted to be sure that each spouse could maximize his or her individual exemption allowed under the law. In December 2010, President Obama signed the new tax law to take effect for January 2011 through December 31, 2012, which provided that married couples could elect to combine their individual $5 million exemptions to a $10 million joint exemption for the couple, so that a surviving spouse could apply the predeceased spouse’s unused exemption upon the survivor’s death.

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