Is a credit shelter trust a marital trust?

The "A Trust" is also commonly referred to as the "Marital Trust," "QTIP Trust," or "Marital Deduction Trust." The "B Trust" is also commonly referred to as the "Bypass Trust," "Credit Shelter Trust," or "Family Trust."

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

Marital Trust

Name: Pennsylvania Complex Will with Credit Shelter Marital Trust for Large Estates
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.82 (373 reviews)

Category:

Pennsylvania Wills - Complex

State:

Pennsylvania

Control #:

PA-COMPLEX2

Format:

Instant download

Description Credit Shelter Trust

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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Will Credit Shelter Trust Form Rating

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FAQ

The "A Trust" is also commonly referred to as the "Marital Trust," "QTIP Trust," or "Marital Deduction Trust." The "B Trust" is also commonly referred to as the "Bypass Trust," "Credit Shelter Trust," or "Family Trust."

First, in a standard credit shelter trust, there is no step-up in basis at the death of the surviving spouse.Second, the credit shelter trust is a separate taxpayer and requires its own tax return, Form 1041.

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.

Trust B is irrevocable, the surviving spouse cannot change its terms. When one spouse dies the survivor must hire a lawyer or an accountant to determine how to best divide the couple's assets between the deceased spouse's irrevocable trust and the surviving spouse's revocable trust.

You can be trustee of your own living trust. If you are married, your spouse can be trustee with you. Most married couples who own assets together, especially those who have been married for some time, are usually co-trustees.

The assets in the marital trust, the A trust, do receive a step-up at the death of the surviving spouse since these assets are included in the spouse's taxable estate.

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

In the case of a marital trust, the IRS subjects the remaining trust assets to federal estate taxes when the surviving spouse passes. However, a couple can take advantage of the federal gift and estate tax exemption. This is the amount that you can pass on to heirs before you'd ever owe an actual estate tax.

Marital Trust

Description Credit Shelter Trust

Ab Trust Diagram Related forms

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

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Will Credit Shelter Trust Form Rating

Credit Shelter Trust Diagram Form popularity

Qtip Election Requirements Other Form Names

FAQ

Is a credit shelter trust a marital trust?

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

Can surviving spouse be trustee of credit shelter trust?

Can AB trust be changed by surviving spouse?

Does a marital trust file a tax return?

Can a spouse be a trustee?

Does a marital trust get a step-up in basis?

Can surviving spouse be trustee of marital trust?

How is a marital trust taxed?

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