Marital Share Funding Options: Proper Use of Disclaimers

By WealthCounsel Staff on Dec 9, 2022 10:00:00 AM

Marital Share Funding Options (1)

There are many ways to provide for a married client’s surviving spouse after the client’s death. This type of estate planning is often referred to as marital share funding. Spouses may use various marital share funding options in either will- or trust-based estate plans. Their goals may include estate tax planning, probate avoidance (especially when using a trust-based plan), and incapacity planning. Disclaimers can be used when planning for estate taxes and may be particularly helpful in other situations relevant to married clients. 

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Strategies for Identifying, Settling, and Reporting Trust and Nontrust Liabilities

By WealthCounsel Staff on Nov 18, 2022 10:00:00 AM

Strategies For Identifying Settling and Reporting - Blog (1)

In the course of a trust administration, beneficiaries primarily want to know what will be distributed to them and when it will be distributed. Attorneys who represent trustees, however, must prevent trust distributions until the proper time—that is, until all liabilities have been paid or reasonably accounted for with a reserve. Otherwise, a trustee may face personal liability and need to seek indemnity from beneficiaries who may have already spent the funds distributed to them. In a postdeath administration, there may be trust and nontrust liabilities (or the decedent’s liabilities), including the decedent’s debts and various taxes. In addition, a trustee must pay the expenses of the administration or reserve funds for payment of those expenses. 

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6 Tips for Smooth Trust Asset Allocation and Distribution

By WealthCounsel Staff on Aug 26, 2022 10:00:00 AM

6 Tips Trust Allocation-Distribution-Blog

Trust administration is a complicated process with many moving parts. As you represent the trustee, you must keep in mind the needs and demands of the trust beneficiaries. Though there may be pressure to make trust distributions as quickly as possible, your top priority should be to make sure all of the necessary tasks are completed—and in the proper order. Keep reading for tips on how to make the trust asset allocation and distribution processes go smoothly.

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