When you are planning your estate as a married person with children from a previous marriage, you want to protect the interests of your children, but you also want to make sure that you provide for your spouse adequately. This is where a qualified terminable interest property trust can be beneficial. You fund the trust, and you name a trustee to administer the trust after you pass away. Many people will use a corporate trustee such as a trust company or the trust department of the bank. When you use a professional fiduciary, you can be certain that the trust is managed in accordance with industry standards, and there is inherent oversight.
Topics covered in this report include:
- Dual Objectives
- Family Harmony
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Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
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