Massachusetts 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
The Massachusetts Supreme Judicial Court in Curt Pfannenstiehl v. Diane Pfannenstiehl recently came to an important decision regarding how Massachusetts treats spendthrift trusts in divorce.
Living trusts are often dissolved during the divorce process; regardless, the divorcing spouses (or a judge) have to figure out what happens to the property that's in the trust. The assets in a living trust ultimately get divided in a similar way to other property in a divorce.
To qualify as a spousal trust, the beneficiary spouse must be entitled to receive all of the income earned in the trust during their lifetime. This means that your spouse must have a legal right to enforce payment of the income and no one can withhold it from them.
The trust must keep part of its income rather than giving it all together to the beneficiaries. The beneficiaries must receive part or all of the trust's principal. A portion of the trust's assets must be distributed to charity organizations.
In Massachusetts, almost all the property owned by a couple?individually or together?is thrown into the pot when it comes to dividing things up during a divorce. That doesn't mean your spouse automatically gets all or even some of any inheritance you might have received or will receive in the future.
The term "marital property" refers to all possessions and interests acquired by a couple during their marriage. Marital property becomes very important during divorce proceedings when spouses must divide the property and debt they own.
Generally speaking, a trust maker (testator) cannot prevent his or her assets from being divided in a divorce by placing the assets in a revocable trust. Because trust can be revoked, most courts will continue to view the trust maker as the true owner of any assets held by the trust at the time of the divorce.
Massachusetts has an unlimited marital deduction. DOR Directive 95-1. Any amount that passes to spouse is not subject to estate tax.