In situations where both spouses want the surviving spouse to inherit all the assets, which is often the case, a joint trust can be far less complicated to set up and maintain than separate trusts, with less headaches for the surviving spouse.
My daughter, my only child, recently married a nice man. However, he is not responsible with his finances. I don?t want my son-in-law to have any access to her money or through a divorce via equitable distribution.
Despite many attempts at repeal over the years, the modern U.S. Estate Tax has been in place since September 8, 1916. Each U.S. citizen and resident alien is entitled to a lifetime exemption from the federal Gift/Estate Tax called the Applicable Exclusion Amount.
Windfalls can result from fortunate events, like lottery winning, and unfortunate events, like a legal settlement. Whatever the triggering event, a big injection of cash can certainly be a life-changing event in someone?s life.