Living Trust for Husband and Wife with One Child - Wisconsin 2025

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Though not a silver bullet for every situation, in appropriate circumstances, a Joint Revocable Living Trust (Joint Trust) can provide a married couple with significant benefits and simplify the administration of assets upon death or incapacity.
Marital trust can be one of three different trusts A popular type of marital trust is the QTIP trust. In a QTIP, the surviving spouse must receive all income from the trust at least annually, and he or she must have the power to force the trustee to make the assets in the trust income-producing.
The main differences are that revocable trusts provide more grantor control and flexibility but no asset protection and limited estate tax benefits, while irrevocable trusts offer limited grantor control and flexibility but more asset protection and potential tax advantages.
Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, weve seen first-hand how this critical error undermines so many parents good intentions.
Living trusts in Wisconsin You will select a trustee who is charged with managing the trust assets. Any adult can be a trustee, but it is most common simply to select yourself.
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Typically, a revocable living trust would be filed as a separate trust by each spouse, but sometimes a joint trust is a better option. A joint trust may be best if the couple is comfortable owning all assets jointly and with the surviving spouse inheriting all assets.

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