Can my spouse and I do one revocable trust for both of us?

In Pennyslvania, husbands and wives usually have their own indivdual trusts and must carefully divide their property to achieve maximum estate tax planning, if that is desireable. Joint revocable trusts are common in community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin). For complex tax reasons, joint trusts usually are not recommended for residents of states other than community property states.
David M. Frees, III
Attorney, Speaker and Author