R
rmenard1
Guest
I live in Minnesota. My wife and I have a joint revokable living trust. A lawyer friend of ours thinks that it is risky to have this type of trust. He is concerned about us being able to claim BOTH of the unified credits of 675,000 each. He states that our assets are in the trust jointly, in our control, and upon the death of the remaining spouse, we would then try to separate our assets to gain the 2nd credit. This may not be looked at favorably by the courts.
Our assets total approximately 900,000. His solution would be to revoke the trust and set up 2 separate wills separating our assets equally. Then there would be no question that our assets are separate, therefore eliminating the question of joint ownership. The lawyer that set up the trust for us claims that everything will be fine and that he uses this type of trust for most of his clients. He claims that he has never had an audit yet. I hate to have to revoke this trust as all our main assets are in it. What are your thoughts?
[Edited by rmenard1 on 02-10-2001 at 11:44 AM]
Our assets total approximately 900,000. His solution would be to revoke the trust and set up 2 separate wills separating our assets equally. Then there would be no question that our assets are separate, therefore eliminating the question of joint ownership. The lawyer that set up the trust for us claims that everything will be fine and that he uses this type of trust for most of his clients. He claims that he has never had an audit yet. I hate to have to revoke this trust as all our main assets are in it. What are your thoughts?
[Edited by rmenard1 on 02-10-2001 at 11:44 AM]