Yonkers New York Complex Will with Credit Shelter Marital Trust for Large Estates

• Category: New York Wills - Complex
• State: New York
• City: Yonkers
• Control #: NY-COMPLEX2
• Format: Word; Rich Text

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. The Yonkers New York Complex Will with Credit Shelter Marital Trust for Large Estates is a legal document designed to protect and manage the assets of individuals with substantial wealth in the Yonkers, New York area. This specialized estate planning strategy allows for the distribution of assets in a manner that minimizes estate taxes and provides for the financial security of the surviving spouse. The Yonkers New York Complex Will with Credit Shelter Marital Trust for Large Estates is specifically tailored for individuals with significant assets, such as estates worth several million dollars or more. It is an essential tool for those who wish to ensure the smooth transfer of their wealth to their heirs while maximizing tax benefits. This estate planning approach typically involves the creation of two different types of trusts: a credit shelter trust and a marital trust. 1. Credit Shelter Trust: Also known as a bypass or A-B trust, this component of the Yonkers New York Complex Will allows a portion of the deceased's assets to be transferred to beneficiaries other than the surviving spouse. By utilizing the maximum federal estate tax exemption threshold, which is often subject to change, this trust shelters the designated assets from estate taxes. This ensures that future generations can inherit these assets without having to pay excessive taxes. 2. Marital Trust: This trust, also referred to as a TIP (Qualified Terminable Interest Property) trust, aims to provide financial security for the surviving spouse. It allows the surviving spouse to receive income generated by the assets placed in the trust during their lifetime. Additionally, it permits the surviving spouse to access the principal amount if necessary. However, the assets placed in this trust will not be subject to estate taxes upon the second spouse's death, as they are not considered part of their estate. The Yonkers New York Complex Will with Credit Shelter Marital Trust for Large Estates is a comprehensive estate planning tool that ensures efficient asset distribution and tax planning. It offers individuals with substantial wealth in Yonkers, New York the opportunity to protect their assets, minimize estate taxes, provide for their loved ones, and preserve their legacy for generations to come.

The Yonkers New York Complex Will with Credit Shelter Marital Trust for Large Estates is a legal document designed to protect and manage the assets of individuals with substantial wealth in the Yonkers, New York area. This specialized estate planning strategy allows for the distribution of assets in a manner that minimizes estate taxes and provides for the financial security of the surviving spouse. The Yonkers New York Complex Will with Credit Shelter Marital Trust for Large Estates is specifically tailored for individuals with significant assets, such as estates worth several million dollars or more. It is an essential tool for those who wish to ensure the smooth transfer of their wealth to their heirs while maximizing tax benefits. This estate planning approach typically involves the creation of two different types of trusts: a credit shelter trust and a marital trust. 1. Credit Shelter Trust: Also known as a bypass or A-B trust, this component of the Yonkers New York Complex Will allows a portion of the deceased's assets to be transferred to beneficiaries other than the surviving spouse. By utilizing the maximum federal estate tax exemption threshold, which is often subject to change, this trust shelters the designated assets from estate taxes. This ensures that future generations can inherit these assets without having to pay excessive taxes. 2. Marital Trust: This trust, also referred to as a TIP (Qualified Terminable Interest Property) trust, aims to provide financial security for the surviving spouse. It allows the surviving spouse to receive income generated by the assets placed in the trust during their lifetime. Additionally, it permits the surviving spouse to access the principal amount if necessary. However, the assets placed in this trust will not be subject to estate taxes upon the second spouse's death, as they are not considered part of their estate. The Yonkers New York Complex Will with Credit Shelter Marital Trust for Large Estates is a comprehensive estate planning tool that ensures efficient asset distribution and tax planning. It offers individuals with substantial wealth in Yonkers, New York the opportunity to protect their assets, minimize estate taxes, provide for their loved ones, and preserve their legacy for generations to come.