What is the name of your state?What is the name of your state? Washington
I have questions regarding A B trusts.
1. Does the irrevocable family trust need to be funded by the surviving spouse if at the time of his/her spouse's passing, both spouses' estate value is under the federal estate tax exemption amount?
2. Is there a specific rule in the irrevocable family trust that requires a certain amount or percentage of money that can be withdrawn if principal is needed for surviving spouse's health, support, or maintenance? I understand that the surviving spouse can have income generated from the family trust.
3. Is the irrevocable family trust taxed at the surviving spouse's tax rate, although a trust tax ID is needed for tax filing?
I have questions regarding A B trusts.
1. Does the irrevocable family trust need to be funded by the surviving spouse if at the time of his/her spouse's passing, both spouses' estate value is under the federal estate tax exemption amount?
2. Is there a specific rule in the irrevocable family trust that requires a certain amount or percentage of money that can be withdrawn if principal is needed for surviving spouse's health, support, or maintenance? I understand that the surviving spouse can have income generated from the family trust.
3. Is the irrevocable family trust taxed at the surviving spouse's tax rate, although a trust tax ID is needed for tax filing?