How Community Property Trusts Can Benefit Married Couples
Location, location, location is not just vital in real estate. Where you live also can have critical tax implications for your taxes, especially for married couples.
There are two very different kinds of property ownership law for married couples in the United States: common law and community property law. Numerous variances exist in the particulars of these property ownership styles across the many states, but some general rules apply in each case. Any state that is not a community property state is a common-law state.
Community property states offer a distinct tax advantage for couples’ assets when one spouse dies. But if you live in a common-law state, there’s some good news: Several states have passed statutes empowering married couples living in any common-law state
