The new Tax Act makes one thing a lot simpler: you can be left alone when your spouse dies. You won’t have to ask for something from, and you don’t have to answer to, someone supposedly on your side (i.e., a trustee).
In other words: you don’t need a trust for any estate tax savings if you and your spouse don’t have assets over $22 million.
You may be stuck, though, with no choice in the matter, if your estate documents now have certain trust things in them. Do words like Credit Shelter Trust, Bypass Trust, A-B Trust, Marital Trust or Family Trust sound familiar? Read more