California Complex Will - Credit Shelter Marital Trust for Spouse
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How to fill out Complex Will - Credit Shelter Marital Trust For Spouse?
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FAQ
Once the court orders a property division between the two former spouses, the trust no longer has assets in it and it evaporates as a matter of law. As soon as that divorce is finalized, that Living Trust blinks out of existence.
Upon the death of the surviving spouse, the trust transfers to the heirs, who are exempt from the estate tax that would have resulted from a combined inheritance. Disadvantages of a CST include formation costs and the surviving spouse's lack of control.
Sometimes trusts can give assets to the beneficiaries and protect those assets from the beneficiaries' creditors. But a Living Trust does not shelter the settlor from creditors. A creditor of the settlor has the same right to go after the trust property as if the settlor still owned the assets in his or her own name.
Community and Separate Property Principles California is a community property state, so any property acquired during the marriage is generally subject to equal distribution between the spouses in the event of divorce. In California, trusts established before marriage are generally considered separate property.
If the beneficiary of a testamentary trust chooses to keep the assets in the trust and does not use them to purchase family assets (such as a family home), the assets are not generally subject to division in the event of relationship breakdown.
No. Credit Shelter Trusts are a popular tool for estate planning, and there are two main types of CSTs, the Marital Gift Trust and the Qualified Terminable Interest Property Trust (QTIP). Both of these Trusts preserve wealth via estate tax exemptions.
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.
The trustee is the person (or people) who holds legal title to the property that is in the trust. The trustee's job is to manage the property in the trust for the benefit of the beneficiaries in the way the settlor has asked.