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Naming a trust as a beneficiary is a good idea if beneficiaries are minors, have a disability, or cant be trusted with a large sum of money. The major disadvantage of naming a trust as a beneficiary is required minimum distribution payouts.
The simplest way to give your house to your children is to leave it to them in your will. As long as the total amount of your estate is under $12.06 million (in 2022), your estate will not pay estate taxes.
Trustees generally do not have the power to change the beneficiary of a trust. The right to add and remove beneficiaries is a power reserved for the grantor of the trust; when the grantor dies, their trust will usually become irrevocable. In other words, their trust will not be able to be modified in any way.
Unless the gift amount exceeds the entire estate exemption (which is $24.12 million for married couples in 2022), no taxes will be due on the gift.
Naming your spouse as the beneficiary is the most accessible and most beneficial choice because assets pass estate-tax-free between spouses no matter the amount as long as the spouse is a U.S. citizen.
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In the overwhelming majority of cases, it is our recommendation to our married clients that they name their spouse as the primary beneficiary of their retirement account and name the Trust as the second or alternate or contingent beneficiary.
A will must become public record when it is probated. A trust is also more secure than a will because it is more difficult to contest. While a living trust does not technically shield your assets from creditors, in practice, it can help avoid them.
Drawbacks of a living trust The most docHub disadvantages of trusts include costs of set and administration. Trusts have a complex structure and intricate formation and termination procedures. The trustor hands over control of their assets to trustees.
If youre married with kids, naming a spouse as a primary beneficiary is the go-to for most people. This way, your partner can use the proceeds of the policy to help provide for your kids, pay the mortgage, and ease the economic hardship that your death may bring.
Disputes between trustees and beneficiaries happen all the time. While most everyday issues can be resolved through simple mediation, more serious disputes require court involvement.

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