A Nebraska Complex Will — Credit Shelter Marital Trust for Spouse is a specific type of estate planning document that allows married couples to maximize their estate tax exemptions while providing for their surviving spouse. This type of trust is commonly used by individuals in the state of Nebraska to ensure that their assets are protected and efficiently transferred to their loved ones upon their death. In a Nebraska Complex Will — Credit Shelter Marital Trust for Spouse, the assets of the deceased spouse, up to the maximum exemption amount, are placed in the trust. These assets are then shielded from estate taxes, ensuring that the surviving spouse can enjoy them without any tax implications. By taking advantage of the estate tax exemption, this trust helps preserve more wealth for future generations and minimize the tax burden on the estate. Different types of Nebraska Complex Will — Credit Shelter Marital Trusts for Spouse include: 1. AB Trust: Also referred to as the "A-B Trust" or "Marital and Bypass Trust," this type of trust divides the estate into two parts upon the death of the first spouse. The deceased spouse's assets, up to the estate tax exemption, fund the bypass trust, while the remaining assets pass directly to the surviving spouse or fund the marital trust. This arrangement allows the surviving spouse to benefit from the marital trust's income and principal, while the bypass trust preserves assets for future generations, free from estate taxes. 2. ABC Trust: Sometimes called the "Marital, Bypass, and Survivor's Trust" or "TIP Trust" (Qualified Terminable Interest Property Trust), the ABC Trust allows more flexibility by providing income and principal distributions to the surviving spouse while preserving the estate tax exemption. The marital trust component provides the surviving spouse with access to the trust's income throughout their lifetime, ensuring financial security. The bypass trusts component protects assets from estate taxes, which are ultimately distributed to the designated beneficiaries after the surviving spouse passes away. 3. Disclaimer Trust: A Disclaimer Trust allows the surviving spouse to evaluate their financial needs and tax situation after the first spouse's death. It provides the flexibility for the surviving spouse to disclaim or refuse certain assets, allowing them to pass directly into a bypass trust or to other beneficiaries. This type of trust is useful when the surviving spouse wants to minimize their tax liability or if their personal circumstances change after their spouse's death. Nebraska Complex Will — Credit Shelter Marital Trusts for Spouse provide numerous benefits, including preserving wealth, minimizing estate taxes, and ensuring the financial security of the surviving spouse. It is important to consult with an experienced estate planning attorney to determine the most suitable type of trust based on your specific needs and objectives.