A spousal trust is a type of gift that can be used to control how much of the client's estate goes to the spouse. It ensures that when the spouse passes, anything that remains is gifted to the client's beneficiaries, rather than falling into the spouse's estate and going to their beneficiaries.
How do I create a Qualifying Spousal Trust?
- Go to the Scenarios tab, choose a scenario and click on the Balance of Estate bar.
- Choose your beneficiaries and select the trust gift option.
- Select "+Add" under duration and choose death of beneficiary from the drop-down list.
- Select "+Add" under mandatory payments and choose payment of income from the drop-down list. Click done in the bottom right.
- Select "+Add" under giftover and choose as per following scenarios from the drop-down list.
- Click Add in the bottom right corner.