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What Happens To My Trust When I Die?
Many of our listeners have established a trust for their assets upon passing. And while nobody wants to think about their mortality, today I explain what happens to that trust when you pass.
The first thing that happens is that your living revocable trust becomes an irrevocable trust, and your successor trustee is now in charge of it. Also, the trust will need its own tax ID number and have a return filed for it and any of its income for as long as the trust remains intact. In the event of the passing of a spouse, the surviving spouse or trustee will need to file separate returns for themselves and the trust. I also explain how the estate tax exemption can come into play here.
It's imperative to designate a contingent successor trustee. What if your spouse passes or can't successfully administer the trust? You'll want to have someone appointed who can step in.
Bruce explains some of the pros and cons of trusts. Trust taxable income hits the highest 35% tax bracket. But income distributed to beneficiaries is taxed at their personal tax rates. And while there's a cost to maintaining a trust, assets in a trust are some of the most protected in our tax code.
For more information about anything related to your finances, contact Bruce Hosler and the team at Hosler Wealth Management: Visit us online at https://www.hoslerwm.com/
Contact Our Team: https://hoslerwm.com/contact-us/
Or call them in their Prescott office at (928) 778-7666 or their Scottsdale office at (480) 994-7342.
For more podcast episodes, visit our podcast website at https://hoslerwm.com/protectingwealthpodcast/
Limitation of Liability Disclosures: https://www.hoslerwm.com/disclosures/
Link Disclosure: The information being provided is strictly as a courtesy. When you link to any of the websites provided here, you are leaving this website. We make no representation as to the completeness or accuracy of information provided at these websites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information, and programs made available through this website. When you access one of these websites, you are leaving our website and assume total responsibility and risk for your use of the websites you are linking to.
Copyright © 2022-2026 Hosler Wealth Management | All Rights Reserved.
Produced by JAG Podcast Productions - www.jagpodcastproductions.com.
#ProtectingWealthPodcast #ProtectingandPreservingWealthPodcast #HoslerWealthManagement #BruceHosler
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By Bruce HoslerMany of our listeners have established a trust for their assets upon passing. And while nobody wants to think about their mortality, today I explain what happens to that trust when you pass.
The first thing that happens is that your living revocable trust becomes an irrevocable trust, and your successor trustee is now in charge of it. Also, the trust will need its own tax ID number and have a return filed for it and any of its income for as long as the trust remains intact. In the event of the passing of a spouse, the surviving spouse or trustee will need to file separate returns for themselves and the trust. I also explain how the estate tax exemption can come into play here.
It's imperative to designate a contingent successor trustee. What if your spouse passes or can't successfully administer the trust? You'll want to have someone appointed who can step in.
Bruce explains some of the pros and cons of trusts. Trust taxable income hits the highest 35% tax bracket. But income distributed to beneficiaries is taxed at their personal tax rates. And while there's a cost to maintaining a trust, assets in a trust are some of the most protected in our tax code.
For more information about anything related to your finances, contact Bruce Hosler and the team at Hosler Wealth Management: Visit us online at https://www.hoslerwm.com/
Contact Our Team: https://hoslerwm.com/contact-us/
Or call them in their Prescott office at (928) 778-7666 or their Scottsdale office at (480) 994-7342.
For more podcast episodes, visit our podcast website at https://hoslerwm.com/protectingwealthpodcast/
Limitation of Liability Disclosures: https://www.hoslerwm.com/disclosures/
Link Disclosure: The information being provided is strictly as a courtesy. When you link to any of the websites provided here, you are leaving this website. We make no representation as to the completeness or accuracy of information provided at these websites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information, and programs made available through this website. When you access one of these websites, you are leaving our website and assume total responsibility and risk for your use of the websites you are linking to.
Copyright © 2022-2026 Hosler Wealth Management | All Rights Reserved.
Produced by JAG Podcast Productions - www.jagpodcastproductions.com.
#ProtectingWealthPodcast #ProtectingandPreservingWealthPodcast #HoslerWealthManagement #BruceHosler