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Oklahoma Complex Will with Credit Shelter Marital Trust for Large...

Will Credit Shelter Trust

Name: Oklahoma Complex Will with Credit Shelter Marital Trust for Large Estates
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.56 (480 reviews)

Category:

Oklahoma Wills - Complex

State:

Oklahoma

Control #:

OK-COMPLEX2

Format:

Instant download

Description

This Complex Will with Credit Shelter Trust for Large Estates 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.

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FAQ

A marital trust allows the couple's heirs to avoid probate and take less of a hit from estate taxes by taking full advantage of the unlimited marital deductiona provision that enables spouses to pass assets to each other without tax consequences.

Yes, the surviving spouse may serve as trustee of the credit shelter trust.All of the assets in the credit shelter trust, including any appreciation in value during the surviving spouse's lifetime, pass free of estate tax to the beneficiaries.

A marital trust is a type of irrevocable trust that allows you to transfer assets to a surviving spouse tax free. It can also shield the estate of the surviving spouse before the remaining assets pass on to your children.

A Trust (or Marital Trust) It is a trust that takes advantage of the unlimited marital deduction in order to avoid estate taxes at the time of the first spouse's death in the event that the first spouse's individual estate is more than the individual exemption amount.

A marital trust starts as a revocable living trust. A surviving spouse can be its trustee.

A bypass trust, or AB trust, is a legal arrangement that allows married couples to avoid estate tax on certain assets when one spouse passes away.The first part is the marital trust, or A trust. The second is a bypass, family or B trust. The marital trust is a revocable trust that belongs to the surviving spouse.

Key points. Death after 75 doesn't mean that a spousal bypass trust is no longer relevant. It is the government's intention that from a tax perspective the new rules mean that the position would be broadly the same for the beneficiary of a bypass trust, as those receiving benefits directly from the pension.

The trust qualifies for the marital deduction. In a QTIP trust, the surviving spouse must receive all income generated by the trust property for life, paid at least annually.After the surviving spouse's death, the property passes to the remainder beneficiaries of the trust, who usually are the children of the couple.

Will Credit Shelter Trust

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How to fill out Oklahoma Complex Will With Credit Shelter Marital Trust For Large Estates?

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FAQ

What is the benefit of a marital trust?

What is the purpose of a marital trust?

Can surviving spouse be trustee of credit shelter trust?

What kind of trust is a marital trust?

What does marital trust mean?

Can surviving spouse be trustee of marital trust?

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

Are spousal bypass trusts still relevant?

How does a trust qualify for the marital deduction?

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