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Celestej

Junior Member
What is the name of your state? WA

My husband and I have drawn up a disclaimer AB living trust with Nolo (QuickWill) software, primarily to maintain the $2m tax exclusion for each of us. We have one question that has us both stumped. In the event of simultaneous deaths, our document states "All remaining property will be distributed to each spouse's final beneficiary(ies)." Does this still allow for both tax exclusions prior to distributions? Exactly how will this be done? If not, how can this be accomplished? The goal is to preserve both exclusions so our children pay as few taxes as possible.
 


seniorjudge

Senior Member
Does this still allow for both tax exclusions prior to distributions? Exactly how will this be done? If not, how can this be accomplished?

If you are really interested in protecting your heirs, then you need to see a lawyer and not rely on some kind of software.



"All remaining property will be distributed to each spouse's final beneficiary(ies)."

Are you intending to distribute to your HEIRS or to your BENEFICIARIES? Do you know the difference between the two?
 

Celestej

Junior Member
Reply to seniorjudge

Supposedly, the software is designed to create SIMPLE wills, trusts etc. I have several lawyers if my family. Our needs are simple.....adult children that we trust are the sole beneficiaries if we both die simultaneously. We are sole beneficiaries of each other when we die. There are no priors. We have no desire to "rule from the grave" but simply want to limit the Fed Tax bite and get the legal $2m exclusion (or whatever it may be) a piece.

We did see one attorney and paid her $ 1700 to find out she knew less about AB trusts than we did. Her answer was "Well, they can just get our accountant to 'divy up' things and it shouldn't be a problem."

We have no debts so are not trying to shield assets from creditors....as I said our needs are very simple but I have been unable to find an explicit answer to the original question.

BTW, from what should I try to protect my heirs?
 

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