Text divided into sentences and mistakes corrected: - Music - often asked us, "I have this offshore trust. What happens when I die? What happens when my spouse dies?" Well, typically, the offshore trusts that we prepare include a client's core estate planning strategies. - So, in a typical husband-and-wife situation, if the husband passes away, the trust is held for the benefit of the spouse with the appropriate US estate tax provisions contained in the trust. This ensures that the trust will make full use of the federal estate tax unified credit, which is the equivalent of a five million dollar plus exemption. - Additionally, we'll also take advantage of the federal estate tax marital deduction. Upon the first death, these two provisions result in a zero estate tax. - Upon the death of the second spouse, the trust will pass to the client's heirs, which are ordinarily their children or grandchildren. This is done in accordance with the instructions given to us when we prepared the trust. - So, bottom line, these are your typical estate planning provisions in the asset protection trust.
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