Pretty sure that would only be the case if the assets were titled to the trust, thus the benefit of having accounts titled to trust.We do have property in another state, but it's still not a community property state. But that isn't the reason the attorney recommended it.
Those are even less common. I've only seen about 3 of them, though there's someone in this group who has one. I would think that, unless the lawyer deals with community property on a regular basis, it would be more expensive since it would come up less frequently.
Aren't the revocable trusts valuable if one spouse dies and the other lacks capacity? I would think it would be better to have a trust already in place with a trustee nominated rather than having someone petition to be a guardian.
Surprisingly, I have a few friends who have the exact same setup. I think it's called a joint trust at least. Instead of husband and wife each having their own trust, you have the NYCAviator Family Trust of which we are both trustees. That is easier than having to have separate accounts in each trusts' name and ultimately serves the same purpose.
Statistics: Posted by JBTX — Thu May 02, 2024 8:32 pm — Replies 14 — Views 1221