Puerto Rico 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.
AB trust (also called a bypass trust or a credit shelter trust) is a tool used by well-off married individuals to legally maximize their estate tax exemptions. The strategy involves creating two separate trusts after one spouse passes.
How a Credit Shelter Trust Functions. When the surviving spouse dies, the assets held within the trust are not included in their taxable estate. This means the value of these assets is not subject to Washington estate tax.
A Credit Shelter Trust (also called a Bypass Trust) is a tax planning tool used by married couples to provide creditor protection and control in addi- tion to preserving the estate tax exemp- tion amount of the first spouse to die.
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.
A properly drawn Trust is a separate entity that does not die when the trustor dies. The successor trustee can take over management of the Trust estate and do everything the Trust provisions allow, such as paying expenses and taxes and distributing the Trust assets to the beneficiaries without court supervision.
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.
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).