Page 19 - The Jewish Voice - March '25

The Jewish Voice, Page 19

Lifestyles from page 18 trust that pass to your U.S. citizen spouse after your be filed with the court, which will prevent strangers from
death will likely not be subject to estate taxes due to the knowing what you own and how you want what you own
Before delving into estate tax planning, it is important unlimited marital deduction. However, to be deemed a to be distributed and managed.
to understand that estate taxes come into play only when qualifying transfer, the assets must either pass to the
someone gifts assets during their lifetime and at their spouse outright or be held and administered in a special Final Thoughts on Revocable Living Trusts and Estate
death that combine to exceed a certain threshold value. type of trust for your spouse’s benefit. Taxes
This threshold is called the federal lifetime exclusion On the other hand, if you are married and you create For many people, a revocable living trust is the ideal
amount and is currently $13.99 million for 2025. Unless and fund a revocable living trust and name both your way to organize their final affairs. While the estate tax
the trustmaker and the trustmaker’s revocable living trust spouse and your children as current beneficiaries after avoidance tools used by a living trust are not exclusive
have combined assets exceeding this amount, there will you die, the portion of the trust passing to your spouse to such trusts, they can be incorporated into a trust-based
likely be no federal estate tax due at a trustmaker’s death. (utilizing the unlimited marital deduction) will likely not estate plan to capture the general benefits that living trusts
However, for purposes of this article, we will assume be subject to federal estate tax, and the portion passing to offer and provide equally important additional benefits
that the trustmaker’s assets owned individually and in your children may be subject to estate tax (depending on unrelated to tax savings.
the revocable trust are valued at more than the lifetime the value of the assets and the federal lifetime exclusion If you are interested in learning more about a revocable
exclusion amount. amount available to you when you pass). If you include living trust and its benefits for you and your loved ones,
Caution: If you live in a state with a state estate tax, you one or more qualifying charitable organizations as call us.
need to work with an experienced estate planning attorney beneficiaries, the portion passing to the charities will
to ensure that these concerns are addressed appropriately, likely not be subject to estate tax. If you have questions about your estate plan and what
as state estate tax thresholds are often lower than the documents you should have in place to plan your estate,
federal threshold and may require additional planning. Do You Need a Revocable Living Trust? schedule a free consultation today by calling our office at
If a revocable living trust does nothing to reduce your 561-694-7827, Anné Desormier-Cartwright, Esq., Elder
Single Trustmakers and Estate Taxes federal estate tax bill that cannot be done by holding the and Estate Planning Attorneys PA, 480 Maplewood Drive,
Of the two planning strategies mentioned above — the assets in your own name, why should you consider setting Suite 3, Jupiter, FL 33458.
unlimited marital deduction and the charitable deduction one up? There are at least three good reasons: The content of this article is general and should not be
— only the charitable deduction tool is available to single relied upon without review of your specific circumstances
individuals. With this tool, all assets in a person’s trust 1. To avoid probate. Assets held in your revocable by competent legal counsel. Reliance on the information
left to qualifying charitable organizations will be removed living trust at the time of your death will avoid the court herein is at your own risk, as it expresses no opinion by
from the trustmaker’s taxable estate. On the other hand, proceeding known as probate. Depending on your state the firm on your specific circumstances or legal needs.
the assets left to noncharitable beneficiaries will likely of residence at the time of your death, this could save a An attorney-client relationship is not created through the
be exposed to federal estate tax liability if the remaining great deal of time and thousands of dollars in legal fees information provided herein.
assets exceed the current federal exemption amount. In and court costs. To comply with the U.S. Treasury regulations, we must
other words, if your beneficiaries are your children, your 2. To plan for mental incapacity. If you become inform you that (i) any U.S. federal tax advice contained
brothers and sisters, your nieces and nephews, your best unable to manage your affairs while you are still alive, in this newsletter was not intended or written to be used,
friend, another trust, or even a for-profit business, then the the successor trustee you name in your revocable living and cannot be used, by any person for the purpose of
property they inherit through the trust could be subject to trust will be able to manage trust assets for your benefit avoiding U.S. federal tax penalties that may be imposed
federal estate tax depending on the size of your remaining without the need for court involvement. Like the benefit on such person and (ii) each taxpayer should seek advice
estate. Otherwise, any property distributed to qualifying of avoiding probate discussed above, removing the need from their tax advisor based on the taxpayer’s particular
charitable organizations through the trust passes free from for a court-supervised guardianship or conservatorship circumstances.
federal estate tax. could save time and thousands of dollars in legal fees and
court costs, depending on your state of residence. Lifestyles on page 20
Married Trustmakers and Estate Taxes 3. To keep your final wishes private. A revocable
Married couples have both the charitable and unlimited living trust is a private agreement that remains private
marital deductions available to them. The charitable after you die. In most cases, the only people who will
deduction functions the same way as described above need to know the terms of the trust and what will occur
for the single individual. With the unlimited marital during administration are the trustee and your named
deduction, all qualifying transfers of assets held in your beneficiaries. Usually, this document is not required to

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