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A marital trust is a type of irrevocable trust that allows one spouse to transfer assets to a surviving spouse tax free, using the unlimited marital deduction, while providing benefits not available if transferred outright. When drafting Wills for married couples, we usually include a Marital Trust to provide estate tax planning, spousal care, and Medicaid protection.

Britt Burner discusses trust administration, including how to open a trust account, keep records, and make distributions.

Question: My mother owns her home and is considering putting it into an irrevocable trust. She is concerned that if in the future she wanted to take a Reverse Mortgage on the property, she would not be able because the house is owned by a trust, is that correct?

In general, when a person dies in New York, that person’s Last Will & Testament must be probated in Surrogate’s Court so that an Executor can be appointed to legally distribute assets. If there is no Will, an administration proceeding will be required and an administrator will be appointed to distribute the decedent’s assets according to New York State intestacy law.

Question: I am a 72 year old widow. I own my house and have an IRA but have very little in cash assets, do I need a trust?

A credit shelter trust (CST) is an estate planning tool used for married couples to help reduce, if not eliminate, estate tax due at the death of the surviving spouse.

Question: My parents are concerned about protecting their home. Some people have recommended that we consider creating a trust while others have suggested that they transfer the house to my siblings and me, with my parents retaining a life estate, which is a better idea?

When creating a last will and testament or a living trust, there are certain planning techniques that can be advantageous to those who inherit your assets. One such technique is distributing assets to your beneficiaries in trust to provide them with creditor protection, which they would be unable to create for themselves.

Question: My mother has an irrevocable trust she set up for Medicaid planning purposes. My sister is the trustee and she is paying moms bills from the trust. Is that correct?

Question: Several years ago, I went to a lawyer who convinced me to do a trust. Now, I am not so sure that it was the right thing for me. Am I able to revoke a trust? Should I revoke my trust?