On Wed, 16 Apr 2008 17:38:53 -0700, Les Albert <lalbert1@[EMAIL PROTECTED]
>
wrote:
>It's not complicated, and when you're dead it won't matter to you. We
>have no children, but we have a house, assets of stocks, bonds and
>mutual funds, and a lot of nice stuff. We have wills that specify
>each of us as the other's beneficiary, and that specify where
>everything goes if we depart this life together. In your
>cir***stances and mine, I don't understand the need for a trust.
One of the benefits of the trust is if you are married with children
(HA HA!). My parents set up a trust with my brother and I as the
beneficiaries, but my mother could draw from it as necessary. The
benefit is that when my mother died, the assets of the trust passed to
us kids with no tax consequence. If a normal will was used giving
everything to my mother, tax would have been paid in my fathers death,
then again on my mothers death. It allows you to pass assets to the
next generation paying the taxes once instead of twice, but provides
funds for the surviving spouse.
--
Neal
"I love deadlines. I especially like the WOO****NG sound they make as they
go flying by." - Douglas Adams
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