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So, exactly what the A-B Revocable living trust developed to do is to capture and preserve the federal estate tax unified credit amount available when your first spouse passes away. It does this producing what is usually called the "credit shelter" trust.
If a Beneficiary is dissatisfied and wants to sue the Trustee for greater of the assets, does the living trust have in it a "No Contest Terms?" This means that should any Beneficiary sue, creating a dissipation belonging to the Trust resources, the Beneficiary automatically loses his or her inheritance.
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Michael: Living trusts are the muse for virtually every estate idea. Depending on the size and composition on the estate, additional estate planning the necessary. Therefore, there are ILITs (irrevocable life insurance trusts), FLPs, LLCs, GRATs (grantor retained annuity trusts), CRTs (charitable remainder trusts), and a total host of other estate planning options.
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So, how to proceed? The in order to start is education, whatever your your age. Educate yourself on investments, retirement planning, tax and estate planning, and those areas that might you be a better steward of existence situation. There are a number of good books and websites that will assist you.
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