Oregon Complex Will - Credit Shelter Marital Trust for Spouse
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How to fill out Complex Will - Credit Shelter Marital Trust For Spouse?
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FAQ
Credit shelter trust (CST) (also called an AB trust or a bypass trust) is a tool used by well-off married individuals to legally maximize their estate tax exemptions. The strategy involves creating two separate trusts after one spouse passes.
The primary benefit of CSTs is that the surviving spouse can use the trust's principal and income during the remainder of their lifetime, for example, for medical or educational expenses. The remaining assets then pass to the beneficiaries and are not subject to estate taxes.
The assets you cannot put into a trust include the following: Medical savings accounts (MSAs) Health savings accounts (HSAs) Retirement assets: 403(b)s, 401(k)s, IRAs. Any assets that are held outside of the United States. Cash. Vehicles.
No. Credit Shelter Trusts are a popular tool for estate planning, and there are two main types of CSTs, the Marital Gift Trust and the Qualified Terminable Interest Property Trust (QTIP). Both of these Trusts preserve wealth via estate tax exemptions.
Upon the death of the surviving spouse, the trust transfers to the heirs, who are exempt from the estate tax that would have resulted from a combined inheritance. Disadvantages of a CST include formation costs and the surviving spouse's lack of control.
The CST allows a surviving spouse to maintain certain rights to the trust assets during the remainder of their lifetime. Upon the surviving spouse's death, the trust's assets are transferred to the remaining beneficiaries without any estate taxes levied. Credit shelter trusts are known as AB Trusts or Bypass Trusts.
This trust is irrevocable and will pass to beneficiaries other than the surviving spouse (usually their children). The surviving spouse must follow the trust's plan without overly benefiting from its operation, but this trust often passes income to the surviving spouse to live on for the rest of their life.
When the credit shelter trust is initially funded upon the death of one spouse, the assets that are placed under the trust receive a step-up in basis. This is an important consideration, because any assets held in a CST don't receive a second step-up in basis upon the death of the surviving spouse.