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.
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.