By Judy Layne

If you and your spouse created separate trusts at a time when the exemption from estate tax was low, you may want to consider revoking your old trusts and creating one joint trust. With the estate tax exemption now being over $5 million, you may no longer need two trusts to avoid estate tax and you may be able to reduce capital gains tax for your beneficiaries by using one joint trust.

For more information please contact Judy Layne in our Troy, Mich. office at 248-433-7563.