we have a revocable living trust with a-b provision.....do to lives way of changing things, sometimes good sometimes bad, we now have a simple live estate, questions is do i need to change this trust to another kind of trust, to be able to take advantage of the portability tax thing or does one just leave it alone and elect the portability provision on final estate tax forms,,???
If portability is an issue for you with the 5.5 million dollar exemption, then you have other issues to worry about and should be consulting with an estate planning specialist on an annual basis. Best of luck to you.
This answer does not form an attorney-client relationship, and is not legal advice. Only an attorney that has agreed to represent you may give you advice specific to your situation.
It's hard to tell from this questions whether you still have a taxable estate. If you still have a taxable estate, you a-b trust will operate in exactly the way you originally intended when it was first drafted; it allows you to fully take advantage of the lifetime exemption of the first of you to pass. Portability simply allows this same option to couples who have not planned ahead allowing the surviving spouse to file a form with the IRS indicating that they want to use the unused portion of their spouses lifetime exemption (or "port" the unused portion to themselves). I would advise that you go back to the attorney who prepared your trust and review your estate plan with them to determine if it still meets your needs or if you may need changes. If your attorney is no longer available, there are many qualified estate planning attorneys in your area.
No one can advise you exactly what to do without more information about your circumstances and assets.
The A/B could be the best plan or you might need a simple trust without the forced split.
Please review with your existing attorney or new attorney of your choice-documents should be reviewed every three years for changes in circumstances or desired changes on your part.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.
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