Puerto Rico Complex Will - Max. Credit Shelter Marital Trust to Children
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How to fill out Complex Will - Max. Credit Shelter Marital Trust To Children?
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FAQ
Credit shelter trust (CST) (also called an AB trust or a bypass 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.
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.
Example of a Credit Shelter Trust After the husband dies, his $6 million estate and any income it generated passes free of estate tax to his wife because it falls below the federal exemption.
It splits into the A trust and the B trust. The A trust is known as the Survivor's Trust or Marital Trust. The B trust is known by many names. These include the Bypass Trust, Decedent's Trust, Exemption Trust, Credit Shelter Trust, and/or the Non-Marital Trust.
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 major disadvantage of a bypass trust is the loss of the second income tax basis step up at the death of the surviving spouse for the assets in the bypass trust.
Credit shelter trusts are also commonly known as bypass, family, or exemption trusts.