Specifically, if you have a marital deduction aspect to your revocable living trust and it was drafted when the estate tax exclusion was far lower ( it was around $675,000 in 2001) then a surviving spouse could see themselves entirely cut out of an estate plan.
Normally one reserves a life estate in income to the surviving spouse along with a right to invade principal for Health, Education, Support and Maintenance in the BYPASS trust. If this is the case there is no great danger. However, for many people who may have children from different marriages it is possible that such a provision does not exist and your kids would take all. It really depends on the terms of the bypass trust.
The Wall Street Journal is at least bringing up the issue, even if they don't discuss it in detail.
ABOUT CHRISTOPHER R. TWINING
Christopher R. Twining, Attorney at Law, based in the Westwood Neighborhood of Los Angeles is an innovative estate planning, probate & trust administration, and elder law attorney, who offers in home services for busy and movement challenged clients. The Law Office of Christopher R. Twining serves the cities of Los Angeles, Santa Monica, Culver City, Beverly Hills, West Hollywood, Pasadena, Burbank and the neighborhoods of West Los Angeles, Westwood, Brentwood, Bel-Air, Pacific Palisades, Palms, Pico-Robertson and Encino. Dedicated to helping individuals and couples prepare comprehensive estate plans according to their wishes; he offers them these services at an affordable price, in the relaxed comfort of their homes. For more information about his services, please visit http://www.twininglaw.com or call (310) 492-5990.
CHRISTOPHER R. TWINING
LAW OFFICES OF CHRISTOPHER R. TWINING
1440 VETERAN AVENUE, SUITE 509
LOS ANGELES, CALIFORNIA 90024
(310) 492-5990 Fax (310) 775 - 9774
http://www.twininglaw.com
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