Simple vs Complex trust
Most living trusts are simple trust unless they include estate tax planning.
Attorney Tom Olsen: Paul, you're on news 96.5 go ahead.
Paul: Hi, Tom. You talk about Trust. What is a Complex Trust versus the Simple Trust?
Attorney Tom Olsen: I've seen some Complex Trust before. I would say Complex, whenever you get into some kind of tax planning, which is pretty rare these days. That certainly gets to be Complex. The only kind of trust I do are Simple Trust, Paul. I'm not really familiar with Complex Trust. Now, Paul, remember that here in the state of Florida, these days, every individual can pass up to $11 million free of debt taxes. A married couple can pass up to $22 million free of debt taxes. If you have more money than that, then you're going to put some tax planning in your trust. Then, it's going to get very complicated.
Paul: Assurance where you can stagger, the payouts after debts to the recipient. In other words-
Attorney Tom Olsen: Oh, that parts easy. Most trusts say-
Paul: What is?
Attorney Tom Olsen: When we pass away, we leave everything, out right to our kids. If you want to leave it out and say they get, half at 25, half at 30 or half when you die, half 5 years later. Hey, that part's easy.
Paul: Oh, you handle that?
Attorney Tom Olsen: Oh, yes. Easy, Paul.
Paul: Okay. Very good talking to you again. Thank you, Tom.
Attorney Tom Olsen: All right. Bye bye.