October 19, 2022
Recently, a client came into our office with a request for an estate plan that initially appeared to be typical, but it contained an interesting twist. He wanted to: (1) have an estate plan prepared to minimize estate taxes at his death (nothing new there); (2) restrict his spouse, who was a spendthrift, from frittering away his assets after his death as he wanted assets left for his son (nor there); and (3) (the twist) give his spouse autonomy over some of the trust assets so that his spouse could use a certain amount of the trust as she wished during her lifetime. That is, he wanted his spouse to have the right to withdraw an annual $200,000 allowance, in addition to the income the trust produced, regardless of the value of the trust. ...
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