Spouses and Joint Trusts

Beth A Turner, a member of Moore & Van Allen in Charlotte, North Carolina, has recently published an article entitled Joint Revocable Trusts — New Flexibility in an Old Form, Prob. & Prop., July/Aug. 2005, at 49.

The conclusion to Ms. Turner’s article states:

The joint revocable trust is an effective tool for ensuring that the maximum federal applicable exclusion amount is used on the death of the predeceasing spouse while offering a gamut of optional language to accommodate the unique circumstances of any particular married couple.  This technique should, however, be reserved for well-advised clients who have examined all of the estate, gift, and income tax implications.