Domestic Trusts

The Life Partners Trust a Co-Grantor Revocable Living Trust designed for an unmarried couple wanting to avoid probate and control the management and disposition of their assets after death. It functions much like the Marital Universal Trust (only) to the extent that the provisions of that particular format can be applied for a non - married couple. It also utilizes A/B/C Trust formats, as necessary, when certain estate value conditions deem their proper use - which can be fully useful IF the unmarried couple are deemed to be legally married under common law (at the death of the first Grantor to die) or later get legally married by ceremony and license, and have a large estate.

The assets of this trust will be under the respective control of both partners in the same manner as existed before the trust was established. If so desired, the sole and separate property designation(s) of certain assets can still be retained by either partner with this trust format. Assets can also be recast/commingled as jointly owned property into tenants - in - common property. If directed, the trustee can distribute trust assets directly from the trust to the partner's heirs (or to their respective heirs, as applicable) immediately upon the death of the surviving partner. And if previously stipulated, certain sole & separate assets, and even undivided interests in jointly owned property, may be distributed to the heirs of the first partner to die immediately upon his/her decease or upon the death of the second partner to die.

This trust can function as three(3)distinctly different planning formats in one governing document. Using multiple design features, it allows for flexibility in planning the transfer of an estate even after the trust has been established. The universal format provides (i) a simple probate avoidance trust(without any "tax planning" provisions) that does not require a partitioning of assets at the first partner's death (as into Trusts "A" & "B") and gives complete control to the surviving partner over all trust assets (ii) a credit shelter trust format - which requires partitioning at the death of the first partner to die (into Trusts "A" & "B") for estate tax planning purposes wherein the estate of the first partner to die would be placed (at his/her decease) in the irrevocable Trust "B" of which the surviving partner had limited access and, (iii) a QTIP provision that will create, at the death of the first partner to die, Trust "A" (the surviving partner's trust), Trust "B" (the credit shelter trust), and Trust "C" (the QTIP trust - BUT ONLY IF the partners are deemed to be legally married at the death of the first partner to die).

In our global economy, your financial heath can be threatened in unsuspected ways and from unsuspected places. Geopolitical events are now causing economic inconsistencies that were not present in years past. While frivolous lawsuits are still an ongoing concern and can quickly wipe out your nest egg, downturns in the stock market, divorce, tax authorities, currency devaluation, and the like, can devastate your life and well-being.

Issues of rights, lawsuits, estate planning, investments and taxes are some of the battles that we all face in wealth preservation. Winning the war only occurs when your business, your employment, your estate and your tax planning all flow together into a non-libelous and protected plan, with each asset being safely protected from every harm that may occur.

Using international structures in a tax compliant manner can help you invest, work, and money in a global economy.

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