First of all, you have to hit $11.4 million in your ‘inheritance jackpot’ before anything kicks in. Married couples? $22.8 million. Currently, you can flat-out GIVE your heirs (or anyone you want) up to $15K a year with no taxes to pay for you or them. (Up from $14K)
If you have adult children that you TRUST, either set up a legal Trust right now, or make sure they jointly own your assets, checking and savings accounts.
That’s what Dad and I did. Simplified things greatly when he died last year.
is this a specific type of trust? i know there are several versions out there...