What does the “nomination of a Successor Trustee” clause mean?
In all situations where a Trust is created, we include a paragraph which will allow our law firm to designate a Successor Trustee in the event there is no Trustee capable of serving. This is important in the event of a Trustee refuses, resigns, or is unable to serve. This paragraph gives you the security of always having a backup in place. 7. Please explain the formula leaving my spouse “the smallest fractional dollar or a sum equal to.” Answer: The intent of this formula is to place the maximum Credit Shelter Amount ($1,00,000,000 in calendar year 2002) into a Family Trust. The amount transferred to the Family Trust is the amount of the exemption from federal estate taxes. The formula is self-adjusting so that if Congress changes the amount (either up or down) you do not need to change your Will or Trust. Everything in excess of the Family Trust is distributed to the GST-QTIP Trust and Martial Trust or your spouse as provided in your Will or Living Trust and qualifies for the marital
