New Jersey Complex Will with Credit Shelter Marital Trust for Large Estates
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How to fill out New Jersey Complex Will With Credit Shelter Marital Trust For Large Estates?
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FAQ
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.
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.
A marital trust starts as a revocable living trust. A surviving spouse can be its trustee.
You can be trustee of your own living trust. If you are married, your spouse can be trustee with you. Most married couples who own assets together, especially those who have been married for some time, are usually co-trustees.
A credit shelter trust (CST) is a trust created after the death of the first spouse in a married couple. Assets placed in the trust are generally held apart from the estate of the surviving spouse, so they may pass tax-free to the remaining beneficiaries at the death of the surviving spouse.
Trust B is irrevocable, the surviving spouse cannot change its terms. When one spouse dies the survivor must hire a lawyer or an accountant to determine how to best divide the couple's assets between the deceased spouse's irrevocable trust and the surviving spouse's revocable trust.
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.
The "A Trust" is also commonly referred to as the "Marital Trust," "QTIP Trust," or "Marital Deduction Trust." The "B Trust" is also commonly referred to as the "Bypass Trust," "Credit Shelter Trust," or "Family Trust."
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.