New York 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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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.
Generally, for New York estate tax purposes, if the value of assets passing to beneficiaries other than a spouse or charity is below a certain threshold ($6.58 million in 2023), the assets are fully exempt from tax and no New York estate taxes will be due. New York Estate Planning - J.P. Morgan jpmorgan.com ? insights ? wealth-planning jpmorgan.com ? insights ? wealth-planning
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.
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.
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.
Any amount of property left to a surviving spouse is exempt from both federal and New York estate tax (this is referred to as the ?marital deduction?). There is a big distinction between New York state and federal law, however. What Is New York's Estate Tax Cliff? | Cerity Partners ceritypartners.com ? insights ? what-is-new-yorks-... ceritypartners.com ? insights ? what-is-new-yorks-...
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. credit shelter trust | Wex - Law.Cornell.Edu cornell.edu ? wex ? credit_shelter_trust cornell.edu ? wex ? credit_shelter_trust
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). Common Types of Trusts: Which One is Right for You? comitersinger.com ? blog ? common-types-... comitersinger.com ? blog ? common-types-...