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North Carolina Complex Will with Credit Shelter Marital Trust for...

Fayetteville North Carolina Complex Will with Credit Shelter Marital Trust for Large Estates

Name: Fayetteville North Carolina Complex Will with Credit Shelter Marital Trust for Large Estates
Brand: US Legal Forms
Rating: 4.83 (487 reviews)

Category:

North Carolina Wills - Complex

State:

North Carolina

City:

Fayetteville

Control #:

NC-COMPLEX2

Format:

Instant download

Description

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.

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How to fill out Fayetteville North Carolina Complex Will With Credit Shelter Marital Trust For Large Estates?

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FAQ

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.

Yes, the surviving spouse may serve as trustee of the credit shelter trust. If the spouse serves as the sole trustee he or she must be restricted to using income and principal for needs related to health, education, support and maintenance.

Yes, a Disclaimer Trust is often referred to as a Credit Shelter Trust. This is because married couples will add in the option for the surviving spouse to disclaim the first spouse's assets and move them into a Disclaimer Trust.

Credit Shelter Trust vs Marital Trust - Is a Marital Trust the Same as a Credit Shelter Trust? No. A Marital Trust is a type of Credit Shelter Trust. You and your spouse can use a Marital Trust to pass assets to a surviving spouse, children or grandchildren.

Trusts may provide tax benefits Because you've transferred assets out of your estate, there may be transfer tax benefits with an irrevocable trust. Contributions to the trust are generally subject to gift tax requirements during your lifetime.

A marital trust is a legal entity established to pass assets to a surviving spouse or children/grandchildren. When a spouse dies, their assets are moved into the trust. A general power of appointment, an estate trust, and a QTIP trust are three types of marital trusts.

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.

The four main types are living, testamentary, revocable and irrevocable trusts.

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Fayetteville North Carolina Complex Will with Credit Shelter Marital Trust for Large Estates

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What are the advantages of a credit shelter trust?

Can surviving spouse be sole trustee of credit shelter trust?

Is a credit shelter trust the same as a disclaimer trust?

What is the difference between a credit shelter trust and a marital trust?

Is a trust a good tax shelter?

What is a marital trust?

What is the primary purpose of a credit shelter trust?

What are the 4 types of trust?

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