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For example, in cases of divorce where minor children are involved, a court may require an ex-spouse to be named as an irrevocable beneficiary to ensure the children’s financial protection.
In this technique, each spouse creates a trust and divides their assets (usually evenly) between the two trusts. The terms of the credit shelter trust provide that upon the first spouse's death, the other is left an amount in trust for the benefit of the surviving spouse up to the current federal exemption equivalent to the federal estate tax.
In Olins v Walters [2009] 2 WLR 1 C.A. [6] the Court of Appeal has held that although it is a necessary condition for mutual wills that there is clear and satisfactory evidence of a contract between the testators, it is a legally sufficient condition that the contract provides, in return for one testator agreeing to make a will in a particular ...
A bypass trust is a long-term planning device. It is typically created as part of an A/B Living trust estate plan after the death of the first spouse to die. During life, a married couple transfers ownership of property into a trust.
However, a revocable trust can provide language to create sub-trusts upon the death of a grantor (e.g. credit shelter or other irrevocable trusts) that can preserve or reduce future estate tax ...
Soon after Leo's death, Gertrude filed a notice to take an elective share share of Lee's estate pursuant to New York's right to election by surviving spouse. [30] In short, Gertrude was given the marital deduction, but Lee did not because Lee did not qualify as a surviving spouse according to the law. [ 31 ]