[WSBAPT] Setting up credit trust long after Spouse passes

[John J. Sullivan]

Also, is there any limitation on the trustee’s “may” discretion that would provide and argument the split had to be made to fulfill fiduciary duty?

Sent from my iPhone

> On Jan 12, 2021, at 9:50 AM, Jeff Davis <jeff at bellanddavispllc.com> wrote:
> 
> 
> Listmates:
>  
> Husband dies in 2004.  H & W had a living trust that said upon the passing of the first spouse, the trustee “may” divide the trust into two parts, (it does not say equal), with one part to be held as the survivor’s trust and one part as the decedent’s trust (Credit Trust).  Nothing was done.  Trust holds substantial amount of real estate which may be taxed, at least by Washington State, when mom passes.  Question is can the credit trust now be funded?  This is not a disclaimer issue.  The federal inheritance tax is not an issue.
>  
> Your insight would be appreciated.
>  
> Jeff
>  
> W. Jeff Davis, Esq.
> BELL & DAVIS PLLC
> P.O. Box 510
> Sequim WA 98382
> Phone No.:(360) 683.1129 
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