Hi, my name is Tom Olofsson and I’m an estate planning attorney. I serve clients in the Palos area. Thank you for visiting my website. I have something very special that I’d like to give you, but first I’d like to tell you a little bit about my practice.
What is an A/B Trust?
Very often people will read an article that explains that they should have an A/B trust and although it’s not quite as necessary these days, its worth talking about. A living trust that has tax planning built into it will often be called an A/B trust because it may at some point split into two trusts; an A trust and a B trust. The way we remember this is sort of a dark humor.
The A trust is for the above ground spouse that’s the surviving spouse and the B trust is for the below ground dead husband and if you think of it that way it’s easy to remember that you split the assets roughly in half so that each spouse gets to use their credit against the federal estate tax. Now that all sounds very nice, these days because the estate tax doesn’t kick in until five million dollars for a single person and because of the A/B provisions in the trust ten million dollars for a married couple. It isn’t likely to get used for most people, but we often put the planning in place in case those rules change in the future and an A/B trusts just reflects that the tax planning has been done in that type of trust.
Now what I’d like you to do is go to my website and find out how you can get a free review of your existing trust documents to see if they come up to our standards. I can also arrange for you to get free access to twenty videos that answer your most often asked questions. They give you some guidance as to what you should be looking for. Now if you don’t have existing trust documents or you have a particular question that has been bothering you, you’re welcome to call my phone number which is 773-905-1193 and we’ll set up a complimentary consultation.