This Complex Will with Credit Shelter Trust for Large Estates 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.
A Burbank California Complex Will with Credit Shelter Marital Trust is an estate planning tool specifically designed for individuals with large estates in the city of Burbank, California. It involves the establishment of a trust that combines both a credit shelter trust and a marital trust. The purpose of this estate planning strategy is to maximize estate tax savings for married couples while ensuring the financial security of the surviving spouse. By setting up this type of trust, individuals can take advantage of both their federal and state estate tax exemptions, minimizing the tax burden on their estate. With a Burbank California Complex Will with Credit Shelter Marital Trust, the assets of the deceased spouse are divided into two separate trusts after their passing. The credit shelter trust, also known as a bypass trust or a non-marital trust, is funded up to the available estate tax exemption amount. This amount is not subject to estate taxes, effectively preserving it for the beneficiaries. Simultaneously, the surviving spouse becomes the primary beneficiary of the marital trust, also known as a TIP or qualified terminable interest property trust. The marital trust qualifies for the unlimited marital deduction, meaning it is not subject to estate taxes upon the first spouse's death. The surviving spouse can then utilize the income generated from the trust's assets for their own financial support. By utilizing a Burbank California Complex Will with Credit Shelter Marital Trust, couples can ensure that their estate assets are effectively preserved, providing financial security for the surviving spouse and allowing the remaining assets to pass on to the named beneficiaries upon their subsequent passing. Different variations of the Burbank California Complex Will with Credit Shelter Marital Trust may exist, depending on the specific needs and goals of the individual or couple. Options may include irrevocable trusts, revocable trusts, or the inclusion of various assets such as real estate, investments, or business interests within the trust structure. Ultimately, the goal of these complex estate planning tools is to minimize estate taxes, protect assets, and provide for the financial well-being of loved ones. It is crucial to consult with an experienced estate planning attorney in Burbank, California, who can provide guidance and tailor the legal documents to individual circumstances, ensuring the fulfillment of specific goals for large estates.A Burbank California Complex Will with Credit Shelter Marital Trust is an estate planning tool specifically designed for individuals with large estates in the city of Burbank, California. It involves the establishment of a trust that combines both a credit shelter trust and a marital trust. The purpose of this estate planning strategy is to maximize estate tax savings for married couples while ensuring the financial security of the surviving spouse. By setting up this type of trust, individuals can take advantage of both their federal and state estate tax exemptions, minimizing the tax burden on their estate. With a Burbank California Complex Will with Credit Shelter Marital Trust, the assets of the deceased spouse are divided into two separate trusts after their passing. The credit shelter trust, also known as a bypass trust or a non-marital trust, is funded up to the available estate tax exemption amount. This amount is not subject to estate taxes, effectively preserving it for the beneficiaries. Simultaneously, the surviving spouse becomes the primary beneficiary of the marital trust, also known as a TIP or qualified terminable interest property trust. The marital trust qualifies for the unlimited marital deduction, meaning it is not subject to estate taxes upon the first spouse's death. The surviving spouse can then utilize the income generated from the trust's assets for their own financial support. By utilizing a Burbank California Complex Will with Credit Shelter Marital Trust, couples can ensure that their estate assets are effectively preserved, providing financial security for the surviving spouse and allowing the remaining assets to pass on to the named beneficiaries upon their subsequent passing. Different variations of the Burbank California Complex Will with Credit Shelter Marital Trust may exist, depending on the specific needs and goals of the individual or couple. Options may include irrevocable trusts, revocable trusts, or the inclusion of various assets such as real estate, investments, or business interests within the trust structure. Ultimately, the goal of these complex estate planning tools is to minimize estate taxes, protect assets, and provide for the financial well-being of loved ones. It is crucial to consult with an experienced estate planning attorney in Burbank, California, who can provide guidance and tailor the legal documents to individual circumstances, ensuring the fulfillment of specific goals for large estates.
