Federal tax aspects of a revocable inter vivos trust agreement should be carefully studied in considering whether to create such a trust and in preparing the trust instrument. There are no tax savings in the use of a trust revocable by the trustor or a non-adverse party. The trust corpus will be includable in the trustor's gross estate for estate tax purposes. The income of the trust is taxable to the trustor.
A Wyoming Revocable Trust Agreement with Husband and Wife as Trustees and Income to is a legal document that is designed to secure and manage assets owned by a married couple during their lifetime and distribute them upon their death or incapacity. It is a type of trust that provides flexibility and control to the couple while allowing them to avoid probate and maintain privacy. Keywords: Wyoming Revocable Trust Agreement, Husband and Wife as Trustees, Income to, assets, married couple, lifetime, death, incapacity, probate, privacy. In Wyoming, there are several types of Revocable Trust Agreements available to married couples as Trustees: 1. Joint Revocable Trust Agreement: This type of trust is created by both spouses jointly and allows them to combine their assets into one trust. Each spouse retains the ability to modify or revoke the trust during their lifetime. Income generated by the trust is usually distributed to both spouses equally. 2. Separate Revocable Trust Agreement: In this type of trust, each spouse creates their own individual trust. They can fund their assets separately into their respective trusts, and maintain control over the assets held within the trust during their lifetime. Income generated by each spouse's trust is distributed to them individually. 3. A/B Revocable Trust Agreement: This type of trust, also known as a "Marital and Family Trust," is commonly used for estate tax planning purposes. It involves the creation of two separate trusts: the "A" trust, also known as the "Survivor's Trust" or "Marital Trust," and the "B" trust, often referred to as the "Credit Shelter Trust" or "Family Trust." Upon the death of the first spouse, certain assets are transferred to the "B" trust, allowing them to pass outside the surviving spouse's estate, reducing potential estate tax liability. The surviving spouse can benefit from the income and principal of the "B" trust during their lifetime. 4. Marital Agreement Revocable Trust Agreement: This type of trust is often utilized when a couple has a marital agreement, such as a prenuptial or postnuptial agreement, in place. It allows the couple to structure the trust according to the terms outlined in their agreement, ensuring that their respective interests are protected. Typically, income generated by the trust is distributed based on the provisions stated in the marital agreement. In conclusion, a Wyoming Revocable Trust Agreement with Husband and Wife as Trustees and Income to is a versatile estate planning tool that offers a range of options to married couples when it comes to managing and distributing their assets. Depending on their specific needs and objectives, couples can choose between different types of agreements to ensure their financial well-being and control over their assets throughout their lifetime, while also planning for the distribution of their estates upon death or incapacity.
