Maine Complex Will - Credit Shelter Marital Trust for Spouse
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FAQ
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.
When the credit shelter trust is initially funded upon the death of one spouse, the assets that are placed under the trust receive a step-up in basis. This is an important consideration, because any assets held in a CST don't receive a second step-up in basis upon the death of the surviving spouse.
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.
Unlike a QTIP trust, the assets of the credit shelter trust are not included in the beneficiary's gross estate and, as a result, are not subject to estate tax at the beneficiary's death (in other words, the assets bypass the beneficiary's estate).
There are three types of marital trusts: a general power of appointment, a qualified terminable interest property (QTIP) trust, and an estate trust.
Credit shelter trusts are also commonly known as bypass, family, or exemption trusts.
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.
