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Complex Will - Credit Shelter Marital Trust for Spouse

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

Name: Queens 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:

Queens

Control #:

US-COMPLEX3

Format:

Instant download

Description

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

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

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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.

An Inter Vivos Trust is one created by a living person for the benefit of another person. Also known as a living trust, this trust has a duration that is determined at the trust's creation and can entail the distribution of assets to the beneficiary during or after the trustor's lifetime.

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.

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.

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.

However, Illinois law allows your executor to make a special election, called a QTIP election, to defer the Illinois estate tax on any portion of your estate passing to a credit shelter trust for a surviving spouse so long as the credit shelter trust contains certain provisions.

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.

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.

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

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

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FAQ

What is a credit shelter?

What is an inter vivos trust?

How does a credit shelter trust work?

What is credit shelter trust?

What is a credit trust in Washington State?

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

What happens to marital trust When spouse dies?

What is an Illinois QTIP election?

What type of trust is a marital trust?

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

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