Quote:
Originally Posted by msu69er
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.
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Thanks for the clarification. Makes sense. In our case, we would have two trusts also, but the assets would be difference and the beneficiaries would be our respective kids, since it's a second marriage. We all look at the world through different lenses, don't we?!