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   04) Marital Universal Trust

 
  • The Marital Universal Trust is a Co-Grantor Revocable Living Trust designed for a married couple to avoid probate and control the disposition of their assets after death.

  • The Marital Universal Trust is so called because it can function as three different tax planning formats in one trust document.

  • The actual format ultimately used will usually be contingent upon the circumstances that exist at the time of the decease of the first grantor to die.

  • The flexibility of not having to initially choose a particular tax planning structure in a marital trust can be a valuable feature in consideration of unforeseen circumstances that may warrant the utilization of a different type of trust than originally established.

     
  • The assets of the trust will be under the complete control of both husband and wife in the same manner as existed before the trust was established.

  • Separate property designation can be retained by either spouse - even after transferring assets to the trust - as sole and separate property, or community property, or tenants-in-common property.

  • Certain sole & separate assets may be distributed to the heirs of the first grantor to die immediately upon his his/her decease.


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