Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

Estate planning and trusts: to fund or not to fund

Family situations can be complex. For example, an individual in a second marriage may want to provide for his or her spouse's welfare, yet also leave a bequest to children from a previous marriage. 

Without estate planning, property held in a joint tenancy might still transfer to a spouse. From that point, however, the property might pass to the surviving spouse's family and bypass the children from the first marriage altogether.

A marital trust is a type of trust that can accomplish specific objectives for an individual in his or her second marriage. A marital trust becomes active after the first spouse passes. When the first spouse dies, assets are moved into the trust according to the terms of the trust deed or agreement. Income from the assets in the trust is usually payable to the surviving spouse, while the principal in the trust is preserved for heirs, to be distributed usually after the surviving spouse passes.

Of course, an attorney can also help an individual modify a marital trust to fit the individual's specific wishes. For example, the trust agreement can also empower the trustee to distribute principal payments to the surviving spouse from the trust. For couples that want to minimize estate taxes after the surviving spouse's death, a credit shelter trust might also be used in conjunction with the marital trust.

Yet it can also be wise to have access to additional assets not placed in a trust, to cover for emergencies or other contingencies. An attorney can help an individual create a number of trusts to fit his or her unique situation. For more information, check out our firm's estate planning page. 

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
Read More...
  • NYSBA
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Aventura, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions