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What happens to Illinois TRS benefits if spouse dies and there are no children?
A revocable trust can be made a beneficiary, subject to restrictions and limitations, or the benefits will not be paid to anybody.
When a revocable trust becomes a irrevocable trust after a person dies is trust a non grantor trust or a grantor trust?
it remains a grantor trust
Can an irrevocable trust be converted to a revocable trust after grantor is deceased?
Revoking a trust means it goes back to the grantor. Who is, in your example, deceased.I trust (no pun intended ... well, maybe a little bit) you see the problem here.Essentially, the distinction between a revocable and irrevocable trust vanishes when the grantor dies.
AB Trust Information?
Married couples are able to increase the use of his/her federal exemptions from the estate tax by the use of an AB Trust as a part of their estate plan. This system organized under the couples’ Revocable Living Trusts or Last Will and Testaments. The “A Trust” is usually referred to as the Marital Deduction, QTIP, or Marital Trusts. The “B Trust” is usually referred to as the “Family Trust”, “Credit Shelter Trust”, or “Bypass Trust”. Ways the AB Trust Maximizes Both Spouses Tax Exemptions: 1.The couple has the correct AB Trust Language included in their Revocable Living Trust or the Last Will and testament. •Should be done with a qualified estate-planning attorney. 2.The couples assets are divide so each spouse has just about the same value of assets in their Revocable Living Trust or in their individual name. •This is an essential step and need to be done so that the AB Trust system can work. Often, couples leave his/her assets in joint account, which completely cancels the use of the AB Trust system because the joint assets will pass to the surviving spouse outright, instead of by way of the deceased spouse’s Living Trust (Revocable), or Last Will. 3.The first $ 3,500,000 of the surviving spouse’s assets will be funded into the B Trust, if the first spouse died in 2009. •This successfully utilizes the first spouses $ 3,500,000 federal exemption that comes from taxes that were available for deaths happening in 2009. The B Trust can be used for the benefit the descendants, the surviving spouse or other beneficiaries and can be reasonably flexible. 4.The excess is funded into the A trust if the spouse who is deceased assets exceed $ 3, 500,000. •This will postpone the payment of estate taxes on amounts of the deceased spouse exemption of $ 3, 500,000, pending the surviving spouse’s death. The A Trust is less flexible, because of this estate tax deferment and can only be utilized for the advantage of the surviving spouse. The surviving spouse is also required to accept all of the incomes from the A trust. 5.Later, as a result of the surviving spouse dying, the surviving spouse will keep their own estate tax exemption, if a federal estate tax is in effect. •If the exemption sum is $ 3,500,000 at the time the surviving spouse dies, then the first $3,500,000 that comes from the surviving spouse’s detached assets will go to the final beneficiaries, tax-free. Anything above $ 3,500,000 will experience tax.
What if other spouse can not pay mortgage when the other spouse dies?
Then the house needs to be sold.
Are you an executor to a will for ever?
Depends on the case. In the irrevocable trust or a trust after the person dies neither are revocable. If the executor doesnt act properly they can be removed by a judge. Once all of the funds are giving out of the will there is no longer a executor.
If your spouse dies without a will and the home is in both names but he has children Can they take part of the home?
if my spouse dies can his adult children take my home the house is owned by bothe of us
In Ohio if your spouse dies and you both own the house what does the survivng spouse have to do to keep the house?
Usually the mortage is set up as a survivors deed. This means that if one person dies, the spouce receives the deed in their own name. If this is not the case and the house wasn't willed to the other spouse, then it will have to be taken up in Probate Court.
When one spouse in a family trust dies does that trust have to be terminated and a new trust created?
That depends entirely upon the terms of the trust itself. Most such trusts, if they are properly written, have provisions for what happens when a trustee or beneficiary dies. If this trust is for the benefit of several family members equally, then the trust most likely simply continues on for the benefit of the other beneficiaries. If the trust is for the spouse for his/her lifetime only, then it would most likely terminate with the money left over going to other named beneficiaries. Ther are too many other possiblities to go into all of them here. Suffice it to say that the answer lies in the trust itself. You need to read the terms and provisions in the trust document to determine what happens when one spouse dies.
Spouse dies with a will that gives to her children. surviving spouse wants to stay in the house. Does he have to sell house in order to pay her children half of the equity or does he get a life estate?
In Texas, the suriving spouse has a life estate and does not have to sell.
How long can a spouse stay in the house after the mortgage holder dies and he or she can't make payments?
forever
What is the percentage of a spouse dying after another spouse dies?
100% everyone dies.
