In Part 1 of 3 of this Trust Administration Series, we covered the trustee’s duties, liabilities, and trust administration checklist. Next, we will discuss the common subtrust structures of a family trust after the death of the first spouse to die.
The family trust is often divided into subtrusts upon the death of the first spouse to die for tax savings and asset protection purposes. Additionally, for the same reasons, they may be created for the benefit of the spouses’ children and more remote descendants on the death of the surviving spouse.
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