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Considerations of Joint vs. Individual Trusts in Marriage

Learn the pros and cons of creating a joint trust rather than separate trusts for each spouse.

One of the basic questions estate planners must face when advising married couples on the structure of their estate plan is whether to create separate trusts for each spouse, or a joint trust created by both spouses. This is particularly true in community property states. However, joint trusts have grown in popularity in recent years, both among estate planning professionals and their clients. Given this trend, even estate planning attorneys in common law (sometimes called "separate property") jurisdictions must be prepared to discuss the potential benefits and risks associated with joint trusts when advising clients. This requires familiarity with the basic elements of joint trusts and the possible reasons for preferring a joint trust or separate trusts in any given situation. This topic will discuss the reasons joint trusts have become popular, the possible benefits of creating joint trusts for married clients, and the circumstances in which a joint trust may or may not be appropriate. You will learn the basic structure of a joint revocable trust, and will gain a greater understanding of the elements that should be included for purposes of asset protection, ease of administration, preservation or creation of community property status, as well as estate tax planning. You will also learn the potential tax, family law, and practical issues to consider when deciding whether to recommend a joint trust or separate trusts. This information will focus on issues relating to joint revocable trusts, but will also touch on issues relating to joint irrevocable trusts. Estate planners in community property and common law jurisdictions will benefit from this presentation.

98 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Why Consider a Joint Trust for Married Clients?

  • Community Property
  • Maintain Tenancy by the Entirety Status
  • Clients Like Them

How Is a Joint Revocable Trust Structured?

  • During the Life of Both Grantors
  • After the First Death - the Survivor's Trust
  • After the First Death - the First Decedent's Property
  • At the Death of the Surviving Spouse

Potential Issues to Consider in Creating a Joint Trust

  • Pot Trust V. Separate Shares During Life (for Revocable Trusts)
  • Who Are the Remainder Beneficiaries?
  • Is the Couple Likely to Divorce?

When Might a Joint Trust Not Be Appropriate?

  • Children From Prior Relationships
  • Marital Disharmony
  • Significant Portion of Property Is Separate

Other Issues to Consider

  • Joint Irrevocable Trusts
  • Issues Relating to Representation
  • Joint Trusts for Unmarried Couples
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on August 12, 2021.

Call 1-866-352-9540 for further credit information.

  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Michael L. Graham, Esq.

Michael L. Graham, Esq.

Graham Law Firm P C

  • Chairman and former CEO of InterActive Legal; co-author of InterActive Legal practice systems
  • Attorney at Houser Firm, P.C., in Dallas, TX
  • More than 40 years of experience representing high net worth clients in estate planning and administration
  • Board Certified in Estate Planning and Probate by the Texas Board of Legal Specializa-tion
  • Fellow, American College of Trust and Estate Counsel
  • Author of numerous articles and frequent presenter on topics relating to estate planning as well as legal technology
  • Graduate, Baylor University and Baylor School of Law
  • Can be contacted at [email protected]
Vanessa L. Kanaga, Esq.

Vanessa L. Kanaga, Esq.

InterActive Legal

  • CEO of InterActive Legal
  • Former associate attorney at Milbank (formerly, Milbank Tweed Hadley & McCloy) and Moses & Singer in New York, and Hinkle Law Firm in Wichita, KS
  • Advanced certificate in estate planning, New York University Law School; certificate in business strategy, Cornell University
  • Author of several articles/blogs on estate planning topics
  • Frequent presenter of online webinars and moderator of InterActive Legal's Roundtable webinar series
  • Graduate, Wichita State University and Cornell Law School
  • Can be contacted at [email protected]
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman

All of your training, right here at Lorman.

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Product ID: 408946
Published 2021
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