This is Estate Planning Awareness Week! Tip #4

Today’s Tip:  Setting Up a Living Trust for a Non-Citizen: Linda McCartney’s Trust for Paul McCartney as a Model

Because Linda McCartney retained her U.S. citizenship, set up the QDOT trust to benefit Paul, and had her Will probated in New York, Sir Paul was able to avoid paying up to 40% in British inheritance taxes.  The QDOT also meant that she was able to pass her entire estate to her husband free of federal and state estate taxes. Read more here. #revocabletrust#hardshipdistribution #maritaldeduction, #noncitizenspouse #qdot #qtip #wills, #estatemaritaldeduction, #hardshipdistribution

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