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Complex Will - Credit Shelter Marital Trust for Spouse

Bronx New York Complex Will - Credit Shelter Marital Trust for Spouse

Name: Bronx New York Complex Will - Credit Shelter Marital Trust for Spouse
Brand: US Legal Forms
Rating: 4.83 (253 reviews)

Category:

Wills - Complex

State:

Multi-State

County:

Bronx

Control #:

US-COMPLEX3

Format:

Instant download

Description

This is a multi-state form covering the subject matter of the title.

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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.

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.

Yes! While trusts created under Wills are irrevocable and cannot be easily modified since the grantor (your husband) is deceased, there is a way to move the assets in your current credit shelter trust to a new trust which will protect the assets for your son. This process is informally known as decanting.

A credit shelter trust is created after one partner in a marriage dies. Any assets that are put into the trust are considered separate from the estate of the spouse who is still alive. This allows them to go to the beneficiaries after the surviving spouse's death without incurring any tax.

Because the goal of establishing a Credit Shelter Trust is non2010 inclusion in the estate of the surviving spouse, the assets in the Credit Shelter Trust do not obtain a second step up in income tax basis to fair market value when the surviving spouse dies.

The most common technique used by married couples to reduce their estate tax bill and pass more on to their beneficiaries is the use of a Credit Shelter Trust, also referred to as a Bypass or Family Trust, coupled with a Marital Trust, also referred to as a Marital Deduction Trust or QTIP Trust.

Also called an "A" trust, a marital trust goes into effect when the first spouse dies. Assets are moved into the trust upon death and the income that these assets generate go to the surviving spouseunder some arrangements, the surviving spouse can also receive principal payments.

A marital trust is a type of irrevocable trust that allows you to transfer assets to a surviving spouse tax-free. It can also shield the estate of the surviving spouse before the remaining assets pass on to their children.

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There are several provisions. Under this provision one person can have, separately and independently, more than one credit facility. The credit facility must have no material, additional, or consequential effect on (1) the individual's creditworthiness, (2) the individual's creditworthiness in the aggregate, (3) the individual's credit history, (4) the individual's credit score, or (5) the individual's ability to obtain credit elsewhere. There may be exceptions to this rule for the following reasons: First, where a borrower has made good faith efforts at obtaining credit elsewhere, the loan is deemed to have a material effect on the borrower's creditworthiness and the borrower is not required to post collateral for the loan. Second, if the borrower is currently receiving disability benefits, a borrower who is also obtaining an insurance loan may be required to post collateral for the loan.

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Bronx New York Complex Will - Credit Shelter Marital Trust for Spouse

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How to fill out Bronx New York Complex Will - Credit Shelter Marital Trust For Spouse?

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FAQ

What is the purpose of a credit shelter trust?

What happens to a credit shelter trust when the surviving spouse dies?

What goes in the credit shelter trust?

Can a credit shelter trust be broken?

How does a credit shelter trust work?

Does a credit shelter trust get a step up in basis?

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

How does a spousal trust work?

What is credit shelter trust?

What type of trust is a marital trust?

Interesting Questions

What is a Bronx Complex Will?

What is a Credit Shelter Marital Trust?

Why is it called a Bronx Complex Will?

Is a Bronx Complex Will suitable for everyone?

What happens if a person doesn't have a Bronx Complex Will?

Can I create a Bronx Complex Will on my own?

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