full use. my wife, berlin louise tiller.
yes separate assets
Thank you for your follow-up.A 'dual trust' is a good idea if you are seeking to avoid future taxes on inheritance and transfer between the spouses. Right now, however, the tax cut-off is at $5M, meaning that an estate below that amount is not exposed to tax implications in Texas. If you have an estate under that amount, there is no necessity in a dual trust. Therefore if all you are setting into this trust is the home, a dual trust is not necessary, you can set up a general shared trust instead. You can grant the assets into the trust since that does not create a tax benefit (a gift would), and that would then permit you to fund the estate and to set up the trust for use. If you have other assets going into the trust, I can then modify my response, but purely based on one home, that should be sufficient.Good luck.
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