Estate Tax Planning with Revocable Living Trust
We set up a Revocable Living Trust for a retired couple several years ago. When the husband passed, we avoided probate and funded a trust for his wife per the terms of the Revocable Trust. We helped his widow make gifts of their vacation home to their only daughter. When the widow died, the remaining assets of both parents passed to their daughter without probate. No estate tax was due in either estate. The daughter was not only relieved that things passed smoothly and economically, but she appreciated the continuity of our support. We are now working with her to plan her own estate to benefit her son.