What is the name of your state? Michigan
My parents each have a trust but the values are quite different between the two to where my mother would not get the full benefit of the $1.5 million estate tax exclusion.
My father's trust is valued around $4.3 million and my mother's at $1.1 million. Are there any tax ramifications to be careful of if we wanted to transfer some assets from one trust to the other to help balance this out?
Also they have a joint bank account with around $100,000 sitting in it.
What's the best way to get this out of joint name? I thought about transferring it to my mothers trust or setting it up with a TOD designation).
My parents each have a trust but the values are quite different between the two to where my mother would not get the full benefit of the $1.5 million estate tax exclusion.
My father's trust is valued around $4.3 million and my mother's at $1.1 million. Are there any tax ramifications to be careful of if we wanted to transfer some assets from one trust to the other to help balance this out?
Also they have a joint bank account with around $100,000 sitting in it.
What's the best way to get this out of joint name? I thought about transferring it to my mothers trust or setting it up with a TOD designation).