If you and your mate are planning for the future, you have some options that are unique to couples and that may offer some tax benefits to the survivor. Here are a few things you should know about estate planning for married couples.
- You can use a Survivor’s Trust if you want to leave everything to your mate. This is the simplest way to leave your estate to a spouse. However, if your surviving mate remarries, this does leave things open for the estate to be passed to the new mate and his or her children rather than yours.
- A Marital Disclaimer Trust gives the surviving mate the option to use a Bypass Trust. However, the help of an attorney is recommended so that the survivor exercises this option at the most financially sound time.
- For very large estates, you may need an A/B Trust to act as a tax shelter. However, with the estate tax only applying to massive estates, this is no longer a frequently used option.
- If you have a blended family or a smaller estate, you may benefit from a Survivor’s Trust with a QTIP (qualified terminable interest property) plan. You maximize the distribution of assets to the surviving spouse while still taking advantage of the best deductions for a married couple.
Learn More About Estate Planning for Married Couples in California
Petrov Law Firm has been helping married couples to plan for the future since 2014, and we are proud to specialize in California estate planning. To get started on your future plans, call our California estate planning attorneys at 619-344-0360 today!Read More