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Living Trust - Standard Living Trust - AB

A Standard Living Trust helps you avoid probate (1), an expensive and time consuming court process. Your loved ones will receive your property smoothly when you pass away.

The Standard Living Trust is revocable. This means that each spouse can revoke it at any time before she becomes incapacitated or dies.

Your Standard Living Trust can be individual (created by yourself alone), or joint (you create it jointly with your spouse). When the first spouse dies, property left to the surviving spouse is not subject to federal estate tax. However, the combined estate will be subject to federal estate taxes when the last spouse dies. If at that time, the combined estate would be  above the federal estate tax  threshold of that year, a serious portion of the estate left to your loved ones may be owed to the IRS.

 

If you have a sizable estate, you may be interested in avoiding probate (1), but also in avoiding or reducing federal estate tax (2). If that's the case, the AB Living Trust may be the choice.

The AB Living Trust is also revocable while both spouses are alive. When the first spouse dies, depending on your choices, the AB trust may be divided in Trust A (irrevocable), and Trust B (revocable). The purpose of the split is to subject each spouse's estate to federal estate tax separately, when the respective spouse dies, and not combined; that way, it is likelier that each estate can pass under the federal estate tax threshold, and therefore, save money.

The federal estate tax threshold, changes every year. It is $2,000,000 in 2008, it will go away in 2010, and it will go back to $1,000,000 in 2011 unless Congress will pass new law. If you anticipate that your estate combined with your wife's estate will likely be less than $1,000,000 when the last of you dies, it is likely that you don't need an AB Living Trust. If you create one now, and later you realize that you don't need one, because the estate tax was repealed for example, remember, you can revoke the AB living trust.
         I have decided, Go Standard       I have decided, Go AB Trust
I need more info. Click here to read more below about the elements of a Standard Living Trust. This information will also guide you step-by-step on the next screen to complete your order. Judge for yourself how helpful the guide is, and how comprehensive the Standard Living Trust we prepare would be. I need more info. Click here to read more below about the elements of an AB Living Trust. This information will also guide you step-by-step on the next screen to complete your order. Judge for yourself how helpful the guide is, and how comprehensive the AB Living Trust we prepare would be.

            I have decided, Go Durable    I have decided, Go Limited
Note: 1.We are authorized by law to provide legal document services, but we are not a law firm, and therefore we can not give you legal advice, or represent you in court (see entire Disclaimer).                                                  2. The above choices should satisfy the needs of most American citizens and permanent resident aliens who are at least 18. However, if you feel that these choices do not sufficiently address your wishes, you should consult an attorney. To find an attorney, you may click here.
 
 

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