Legal Question in Wills and Trusts in Georgia
Revocable Trust
My husband and I have a will and also a revocable Trust set up, with my husband and myself as trustees and excecutors but we have never recorded the trust. My husbands and my life insurance, shows the trust as beneficiary.
Question: 1. Should we leave the trust as beneficiary for the life ins.? Which is better, the trust as beneficiary or my husband and I?
2. Is it necessary to record the trust?
3. Are pay outs of a term life taxable?
2 Answers from Attorneys
Re: Revocable Trust
The answers to all of your questions is "it depends." Estate planning is complicated and the answers depend on the size and complexity of your estate. Please consult your CPA and attorney to determine what is best for you.
Re: Revocable Trust
From a legal standpoint, you can do anything you want. However, there are important tax considerations (I don't do tax work) and you should consult with a CPA or tax lawyer. I often work hand-in-glove with my clients' tax advisors.
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