The simplest way to transfer assets to your surviving spouse is outright. While that is the most common type of plan, there are several issues to consider, including taxes, the possibility of remarriage, long-term care costs, incapacity planning, and asset protection. These issues are sometimes more complex than expected. If you leave assets directly to your spouse, he or she will have no limitations, but will also have no protection. You can add protections — and limitations when necessary — through the use of several different types of trusts. Some types of trusts must meet very specific requirements and others can be designed with a great deal of flexibility. Determining what happens to your assets upon death can become a complicated issue, depending on your specific facts. We will help you understand all of your options and the consequences of each.
