| |
Will Advantage |
Trust Advantage |
No Advantage |
| Probate Avoidance |
|
X |
|
| Lifetime Asset Management |
|
X |
|
| Ease of Modification |
|
|
X |
| Choice of Fiduciary |
|
|
X |
| Choice of State Law |
|
X |
|
| Tax Deduction of Legal Fees |
|
X |
|
| Preservation of Assets Upon Divorce |
|
X |
|
| Income Tax Reduction |
|
|
X |
| Avoid Creditors' Claims |
|
|
X |
| Document Preparation Fees |
X |
|
|
| Complexity |
X |
|
|
| Asset Protection for Married Couples (Residence) |
X |
|
|
| Reduce Need to Sever Jointly Held Assets |
X |
|
|
| Medicaid Eligibility (Residence Only) |
X |
|
|
| Privacy |
|
X |
|
| Expeditious Distribution of Assets |
|
|
X |
| Minimize Annual Accounting |
|
|
X |
| Flexibility in Planning for Beneficiaries |
|
X |
|
| Avoid Statutory Elective Rights for Spouse |
|
X |
|
| "In Terrorem" Clause Enforceable |
|
X |
|
| Reduce Risk of Contest by Beneficiaries |
|
|
X |
| Period of Limitations to Contest |
X |
|
|
