Nevada Complex Will - Credit Shelter Marital Trust for Spouse
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(c) Minimum worth funding which is funded with assets using the lesser of federal estate tax or date of distribution values. This approach should not be used in conjunction with GST tax exemption allocation because it will require use of date of distribution values as the denominator of the applicable fraction.
A pecuniary formula funds a specific dollar amount. For example, a pecuniary formula would direct the trustee to distribute to the marital trust the smallest amount that, if allowed as a marital deduction, would result in the least possible federal estate tax.
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.
A marital deduction trust is a trust where transfers of property between married partners are free of federal transfer tax. A marital deduction trust can take one of two forms: A life estate coupled with a general power of appointment given to the spouse, or. A Qualified Terminable Interest Property (QTIP) trust.
This trust is irrevocable, meaning it cannot be changed once established. Marital trusts can provide many benefits like asset protection and estate tax deferral or elimination. However, there are also some drawbacks, such as the cost of setting up the trust and the hassle of transferring assets into it.
Language to fund a subtrust or make other distribution come in two flavors ? pecuniary and fractional ? although there are many variations and it is not always clear which approach is being used. A pecuniary bequest is a gift of a specific dollar amount (rather than a share, fraction or percentage of assets).
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.
The marital trust also gets a new basis upon the death of the grantor. Because the assets are also included in the surviving spouse's estate upon death, however, the assets receive a new basis at the time they are transferred to the remaining beneficiaries.