Credit Shelter Trust Washington State Withdrawal
Description
How to fill out Washington Complex Will With Credit Shelter Marital Trust For Large Estates?
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FAQ
The trust is set up so that the surviving spouse can use the assets and income generated by the trust, but they do not technically own the assets. Upon the surviving spouse's death, the assets in the credit shelter trust are not included in their taxable estate.
Understanding a Credit Shelter Trust (CST) CSTs are created upon a married individual's death and funded with that person's entire estate or a portion of it as outlined in the trust agreement. These assets then flow to the surviving spouse.
This trust is irrevocable and will pass to beneficiaries other than the surviving spouse (usually their children). The surviving spouse must follow the trust's plan without overly benefiting from its operation, but this trust often passes income to the surviving spouse to live on for the rest of their life.
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.
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.