Hawaii Complex Will with Credit Shelter Marital Trust for Large Estates

Hawaii Complex Will with Credit Shelter Marital Trust for Large Estates
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State:
Hawaii
Control #:
HI-COMPLEX2
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Description

This form is a complex Will designed to enable a couple to maximize the amount of property that can pass free of estate taxes. The Will leaves the maximum tax free amount allowed (i.e. 1,000,000.00 as of 2001) to a trust and the remainder of property to the surviving spouse. All of the property passing to the Spouse is estate tax free. Therefore, no estate taxes are due at the death of the first Spouse. Since the trust has 1 million dollars that can pass to the Children tax free, the surviving spouse can also leave 1 million to a similar trust or Children and thereby enable 2 million dollars instead of 1 to pass to the Children estate tax free. Income from the trust can be disbursed to the surviving Spouse and Children. This is a complex estate planning Will and should only be used by consulting an attorney.

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FAQ

What is the difference between a marital trust and a QTIP trust?

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

How is a marital trust taxed?

Does a marital trust file a tax return?

What is the benefit of a marital trust?

What is a marital QTIP trust?

When would you use a QTIP trust?

What kind of trust is a marital trust?

Can surviving spouse be trustee of credit shelter trust?

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