Absolute Trust Talk

At Absolute Trust Counsel, one of the pieces of advice we like to shout from the roof tops is that people need to keep their estate plans up to date! We constantly find people who fail to do so. In many cases, we can fix the challenges that arise, but sometimes, it may not be possible, and we must navigate a more difficult path. In this specific episode, we are going to focus on AB Trusts and the issues that typically arise. It happens more than you might think - often, when a spouse dies, the widow(er) later finds out their joint trust is set up in a way that requires them to split the trust in two. This type of trust, which we call an AB Trust, was the standard practice until 2013, and it was used to avoid the need to pay estate taxes, which worked out perfectly. However, when the government gave us portability, things changed. When we uncover AB Trusts, it tends to mean that the client will spend A LOT of extra time and money managing the split and maintaining the additional trust moving forward. So, if yo