Maryland Complex Will with Credit Shelter Marital Trust for Large Estates
Description Pros And Cons Of Credit Shelter Trust
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FAQ
Costs of setting up the trust. A trust agreement is a more complicated document than a basic will. Costs of funding the trust. Your living trust is useless if it doesn't hold any property. No income tax advantages. A will may still be required.
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.
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.
At the time of your death, the assets in your family trust are protected by the exemption, and the assets in your marital trust are protected by the marital deduction. No estate taxes are due.
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.
A marital trust starts as a revocable living trust. A surviving spouse can be its trustee.
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.
Credit shelter trusts are also known as AB Trusts or Bypass Trusts. This is because CSTs are essentially bypass trusts in which each spouse has a separate "taxable" estate. These estates are known as A trust and B trust.