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Hawaii Complex Will with Credit Shelter Marital Trust for Large...

Hawaii Complex Will with Credit Shelter Marital Trust for Large Estates

Name: Hawaii Complex Will with Credit Shelter Marital Trust for Large Estates
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.61 (317 reviews)

Category:

Hawaii Wills - Complex

State:

Hawaii

Control #:

HI-COMPLEX2

Format:

Instant download

Description

This form is a complex Will designed to enable a couple to maximize the amount of property that can pass free of estate taxes. The Will leaves the maximum tax free amount allowed (i.e. 1,000,000.00 as of 2001) to a trust and the remainder of property to the surviving spouse. All of the property passing to the Spouse is estate tax free. Therefore, no estate taxes are due at the death of the first Spouse. Since the trust has 1 million dollars that can pass to the Children tax free, the surviving spouse can also leave 1 million to a similar trust or Children and thereby enable 2 million dollars instead of 1 to pass to the Children estate tax free. Income from the trust can be disbursed to the surviving Spouse and Children. This is a complex estate planning Will and should only be used by consulting an attorney.

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FAQ

Yes, the surviving spouse may serve as trustee of the credit shelter trust.All of the assets in the credit shelter trust, including any appreciation in value during the surviving spouse's lifetime, pass free of estate tax to the beneficiaries.

A marital trust is a type of irrevocable trust that allows you to transfer assets to a surviving spouse tax free. It can also shield the estate of the surviving spouse before the remaining assets pass on to your children.

QTIP trusts are put to use in estate planning and are especially useful when beneficiaries exist from a previous marriage but the grantor dies before a subsequent spouse does. With a QTIP, estate tax is not assessed at the point of the first spouse's death, but is instead determined after the second spouse has passed.

A QTIP trust (officially a qualified terminable interest property trust) is a type of trust that allows someone to provide income for their surviving spouse and bequeath property and assets to a different set of beneficiaries.

A marital trust allows the couple's heirs to avoid probate and take less of a hit from estate taxes by taking full advantage of the unlimited marital deductiona provision that enables spouses to pass assets to each other without tax consequences.

In the case of a marital trust, the IRS subjects the remaining trust assets to federal estate taxes when the surviving spouse passes. However, a couple can take advantage of the federal gift and estate tax exemption. This is the amount that you can pass on to heirs before you'd ever owe an actual estate tax.

First, in a standard credit shelter trust, there is no step-up in basis at the death of the surviving spouse.Second, the credit shelter trust is a separate taxpayer and requires its own tax return, Form 1041.

Unlike with a QTIP trust, the surviving spouse typically has complete control over a marital trust, including use of the trust assets and final say on designating who the final beneficiaries are. A QTIP trust offers more control to the grantor but less control to the surviving spouse compared to marital trust.

Hawaii Complex Will with Credit Shelter Marital Trust for Large Estates

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FAQ

Can surviving spouse be trustee of credit shelter trust?

What kind of trust is a marital trust?

When would you use a QTIP trust?

What is a marital QTIP trust?

What is the benefit of a marital trust?

Does a marital trust file a tax return?

How is a marital trust taxed?

Does a credit shelter trust get a step up in basis?

What is the difference between a marital trust and a QTIP trust?

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