If you are like many of our clients, you may have executed your trust a couple of decades ago and left it to collect dust in your safe deposit box or an office shelf. You are due for a review. Due to the changes in tax law that have occurred over the past several years, you may be like the many others who drafted your trust based on former laws that led your estate planner to advise you to create an “A/B” or “Survivor/Bypass” trust that no longer accomplishes your tax and family planning goals as it once had. You still have time to “fix” this and create a new trust that will save time, money and taxes for your family. While both spouses are alive, the trust may be restated with little difficulty. After one spouse passes away, this becomes more difficult as a portion of the trust will then become irrevocable. However, even if this has already occurred, there are still options that the surviving spouse may have to correct this problem. Schedule a trust review with one of our expert estate planners today to ensure your affairs are in order.
The material in this article, provided by Chauvel & Glatt, is designed to provide informative and current information as of the date of the post. It should not be considered, nor is it intended to constitute, legal advice or promise similar outcomes. For information on your particular circumstances, please contact Chauvel & Glatt at 650-573-9500. (Photo Credit depositphotos.com).