Estate Planning & Trusts, Anyone?

<p>We did our will when prior to the oldest turning 18. The most important directive was that my in laws would not have custody. Not that they WANTED our children, but mil didn’t think education (college and to an extent high school) was necessary or “good” for girls.</p>

<p>The next redrawing was a trust. Mr. Ellebud and I were going to Europe, sans children. I refused to get on the plane without a trust. The only quirky part was that our son, then 19, would have been the girls’ custodial parent. No, not fair, but we didn’t have options. </p>

<p>HAPPILY, we have had to update again. We are still here, and the kids are older. We still have the doggie detail…whoever takes our dogs, gives them a long, healthy happy lives will receive a bonus for their care. My kids have seen first hand what happens when the unexpected happens. We never want our children to face that scenario.</p>

<p>I believe from what our atty has told us that after H or I dies, the survivor would only have to file a trust tax return one year and then the survivor could take control and get deceased spouse’s exemption AND own but that is just his interpretation of CURRENT laws. Best to check with your attorney if you and spouse have at least $100,000 in assets and you want as possible to go where YOU want it.</p>