Legal Question in Wills and Trusts in Illinois
Access to a "B" living trust for tax benefits
In a Living Trust set up to form an A/B trust for estate tax purposes
- how can the recipient of the trust use the "B" trust. Can that person
only spend the income generated from the "B" trust, or can they utilize
the principle if it is for "ascertainable standard" things like health,
education, food and generally maintaining a lifestyle or standard of living?
Can the recipient of the "B" trust make these decisions or does some
other trustee have to determine how the "B" trust is spent?
1 Answer from Attorneys
Re: Access to a
For these situations, we always have a co-trustee serving with the surviving spouse for purposes of making this determination. Generally, yes, the ss gets all the income and principal if necessary to meet emergencies or maintain standard of living after -- but only after exhausting all marketable assets in the A Trust and any other assets known to the trustee.
Check out my website on Illinois estate planning at: http://www.illinoisestateplan.com
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