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Originally Posted by gpk111
MSU: Thanks for the education. I assume the trust was originally created in Michigan?
Also, when you say "We have the deeds to our properties in the name of both of our trusts," I assume you mean that both properties are in your SINGLE trust. ...or did you creaye two trusts?
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We created the trusts in Michigan in 1995. We each have a Revocable Living Trust. We leave things to each other. They are called A/B trusts. The benefit is that there is no inheritance tax when the first party dies regardless of the size of the trust assets.
The deeds to our houses are in the names of both trusts, i.e. instead of John and Jane Doe, it John Doe Living Trust dated May 15, 1995 and Jane Doe Living Trust dated May 15, 1995.