Wisconsin Revocable Living Trust for Married Couple

• Category: Trusts - Living Trusts
• State: Multi-State
• Control #: US-00556-2
• Format: Word; Rich Text

Description

Trustor and trustee enter into an agreement to create a revocable living trust. The purpose of the creation of the trust is to provide for the convenient administration of the assets of the trust without the necessity of court supervision in the event of the trustor's incapacity or death. A Wisconsin Revocable Living Trust for Married Couple, also known as a marital trust or joint trust, is a legal document that allows a married couple to protect and manage their assets during their lifetime and distribute them after their passing. This type of trust offers a range of benefits, including avoiding probate, minimizing estate taxes, maintaining privacy, and providing flexibility in asset distribution. In Wisconsin, there are different types of Revocable Living Trusts available for married couples. Let's explore a few of them: 1. General Revocable Living Trust: This is the most common type of Revocable Living Trust, where both spouses create a joint trust and place their assets into the trust. They can act as trustees and manage the trust assets together. Upon their death, the trust assets are distributed according to their wishes outlined in the trust document. 2. A-B Trust: This type of trust, also known as a "credit shelter trust" or "marital bypass trust," is designed to maximize the federal estate tax exemption for married couples. Upon the death of one spouse, the trust splits into two separate trusts: the "A" trust, also known as the bypass trust, and the "B" trust, also known as the marital trust. The trust is usually irrevocable and holds the deceased spouse's assets up to the estate tax exemption limit, while the B trust is revocable and provides income and benefits for the surviving spouse. 3. Qualified Terminable Interest Property (TIP) Trust: This trust is used when one spouse has children from a previous marriage or wishes to control the distribution of assets to the surviving spouse. With a TIP trust, the deceased spouse's assets are held in a trust, providing income for the surviving spouse while preserving the principal for the beneficiaries of the deceased spouse's choosing. 4. Charitable Remainder Trust: This type of trust allows the married couple to donate a portion of their assets to a charitable organization while retaining an income stream for themselves. Upon their death, the remaining assets in the trust are transferred to the designated charity. It's worth noting that Wisconsin's laws regarding Revocable Living Trusts may change, and individuals should consult an attorney or estate planning professional to ensure compliance with any updates or specific requirements. In conclusion, a Wisconsin Revocable Living Trust for a married couple offers numerous advantages, such as avoiding probate, reducing estate taxes, maintaining privacy, and providing flexibility in asset distribution. Different types of these trusts include the general Revocable Living Trust, A-B Trust, TIP Trust, and Charitable Remainder Trust. Seek professional guidance to determine which type of trust best suits your specific needs and goals.

A Wisconsin Revocable Living Trust for Married Couple, also known as a marital trust or joint trust, is a legal document that allows a married couple to protect and manage their assets during their lifetime and distribute them after their passing. This type of trust offers a range of benefits, including avoiding probate, minimizing estate taxes, maintaining privacy, and providing flexibility in asset distribution. In Wisconsin, there are different types of Revocable Living Trusts available for married couples. Let's explore a few of them: 1. General Revocable Living Trust: This is the most common type of Revocable Living Trust, where both spouses create a joint trust and place their assets into the trust. They can act as trustees and manage the trust assets together. Upon their death, the trust assets are distributed according to their wishes outlined in the trust document. 2. A-B Trust: This type of trust, also known as a "credit shelter trust" or "marital bypass trust," is designed to maximize the federal estate tax exemption for married couples. Upon the death of one spouse, the trust splits into two separate trusts: the "A" trust, also known as the bypass trust, and the "B" trust, also known as the marital trust. The trust is usually irrevocable and holds the deceased spouse's assets up to the estate tax exemption limit, while the B trust is revocable and provides income and benefits for the surviving spouse. 3. Qualified Terminable Interest Property (TIP) Trust: This trust is used when one spouse has children from a previous marriage or wishes to control the distribution of assets to the surviving spouse. With a TIP trust, the deceased spouse's assets are held in a trust, providing income for the surviving spouse while preserving the principal for the beneficiaries of the deceased spouse's choosing. 4. Charitable Remainder Trust: This type of trust allows the married couple to donate a portion of their assets to a charitable organization while retaining an income stream for themselves. Upon their death, the remaining assets in the trust are transferred to the designated charity. It's worth noting that Wisconsin's laws regarding Revocable Living Trusts may change, and individuals should consult an attorney or estate planning professional to ensure compliance with any updates or specific requirements. In conclusion, a Wisconsin Revocable Living Trust for a married couple offers numerous advantages, such as avoiding probate, reducing estate taxes, maintaining privacy, and providing flexibility in asset distribution. Different types of these trusts include the general Revocable Living Trust, A-B Trust, TIP Trust, and Charitable Remainder Trust. Seek professional guidance to determine which type of trust best suits your specific needs and goals.