Benjamin and Amy have been married for three years and had lived in California since their marriage. Amy gave birth to their first child this year. This inspired Benjamin to review their familys financial plan. Amy is from Brazil and has no desire to apply for US citizenship. They would like to establish a trust to ensure the welfare of the surviving spouse and their child. They want the surviving spouse to be the trustee. In the event that the surviving spouse or they both pass at the same time, they elected Benjamins younger brother, Daniel, to be the trustee. This year, the total value of their familys US assets is $1.5 million. Discuss Benjamin and Amys options. Will your response be the same if the familys US assets are $3 million? Are they better off not to set up a trust? Prior to moving to the US, Amy also inherited her ancestral home in Brazil, currently valued at $500,000. If they will set up a trust, they are considering of transferring the house to the trust.
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