Kentucky Complex Will - Income Trust for Spouse
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How to fill out Complex Will - Income Trust For Spouse?
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FAQ
If the trust was established during the marriage, then it is marital property, and you stand a strong chance of getting access to those funds. If the trust was established before the marriage, it is separate property, and you will find it much more difficult to access this asset.
Part of your trust may be marital property. Marital property is subject to equitable distribution or division in a divorce. This means that your spouse could be entitled to part of the trust's value. In contrast, all, or part, of your trust may be separate property.
Kentucky is a ?separate property? state, in which each asset of married spouses is classified either as separate or marital. Separate (or non-marital) property belongs to one spouse because it was owned before marriage or received as a gift or through inheritance.
Unlike most other states, Kentucky utilizes the ?dower and curtesy? inheritance structure. If a spouse dies without a will, the spouse receives the dower share, but not the entire estate. Because of these laws, you'll want to consider a will to designate how you want your assets distributed, despite being married.
One way that spouses without businesses may attempt to hide assets is through setting up trusts or ?gifting? money to someone who will return it after the divorce is finalized.
Assets Owned by a Trust Many clients in second marriages use trusts to protect the assets and control the distribution to the children, rather than to the spouse. There is no law that requires the client's trust to include the spouse as a beneficiary.
A spousal lifetime access trust (SLAT) is a trust created by one spouse (trustmaker spouse) for the benefit of the other (beneficiary spouse). This estate planning tool can be used to retain as much control over your property and assets as possible while not paying any more taxes than you have to.
An asset protection trust can be used to start the clock for Medicaid. Any assets that are placed in an asset protection trust will be 100% protected from Medicaid when the assets have been in the trust for five years.