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Complex Will - Credit Shelter Marital Trust for Spouse

Philadelphia Pennsylvania Complex Will - Credit Shelter Marital Trust for Spouse

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

Category:

Wills - Complex

State:

Multi-State

County:

Philadelphia

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

What Is a Credit Shelter Trust? A Credit Shelter Trust (CST) is designed to allow affluent couples to reduce or completely avoid estate taxes when passing assets on to heirs, typically, the couple's children.

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 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.

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 is a trust that is established in the will or living trust of the first to die of a married couple, most often for the benefit of a surviving spouse. It is generally created to avoid estate taxes at a first spouse's death by taking advantage of the available federal estate tax credit.

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.

Trusts are established to provide legal protection for the trustor's assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance or estate taxes.

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.

More info

The CST allows a surviving spouse to maintain certain rights to the trust assets during the remainder of their lifetime. Philadelphia Estate Planning Council.Many married couples own most of their assets jointly with the right of survivorship. The Credit Shelter Trust will be included in the wife's taxable estate. Member, Real Property, Probate and Trust. Law Section of Camden, Philadelphia and. Of the marital trust. If a child dies before the surviving spouse leaving descendants, there will be no GST tax consequences. Alert clients and customers to tax issues that could impact spouses, partners, and heirs. Filled with credit several colonial appointments .

Philadelphia Pennsylvania Complex Will - Credit Shelter Marital Trust for Spouse

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