Page 23 - Ultimate Guide to Estate Planning Third Edition_Neat

apply if the value of the estate is above
$11.2 million in 2018 (increases with
inflation) but is scheduled to sunset in
2025. The exemption can be doubled to
$22.4 million if married irrespective of a
credit shelter trust. Taxes for amounts
in excess of the exemption are at a rate
of 40% of excess;
 Estate debts are paid, including

o attorney fees,
o personal representative fees, and
o expert costs; and
 All disagreements revolving around the
distribution of assets have been fully
resolved before the probate judge.

Revocable Living Trust.

A revocable living trust is a written document
which essentially constitutes a binding
contract as it relates to the property which
you transfer to the trust (this process is
referred to as “funding”). The contract is
created by you, the grantor, who appoints a
trustee and designates a beneficiary. It only
relates to the property which is placed into, or
titled in, the trust and does not relate to
property not titled in the name of the trust.

22