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Utah Complex Will with Credit Shelter Marital Trust for Large Estates

Utah Complex Will with Credit Shelter Marital Trust for Large Estates

Name: Utah Complex Will with Credit Shelter Marital Trust for Large Estates
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.73 (388 reviews)

Category:

Utah Wills - Complex

State:

Utah

Control #:

UT-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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View REV-1645 -- Schedule L-1 -Remainder Prepayment Election -Assets

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View REV-1646 -- Schedule L-2 - Remainder Prepayment Election - Credits

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FAQ

Separate trusts provide more flexibility in the event of a death in the marriage. Since the trust property is already divided, separate trusts preserve the surviving spouse's ability to amend or revoke assets held within their own trust, while ensuring that the deceased spouse's trust cannot be amended after death.

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.

The effect of the marital deduction trust is that it shields both spouse's assets and estates from federal estate taxes because when the first spouse dies, the assets indicated by the settlor (the spouse who created the trust) pass to the marital trust free and clear of any and all federal estate taxes.

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.

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.

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.

An estate trust is a type of marital deduction trust requiring that when the surviving spouse dies, all remaining trust principal must go into his/her estate. This means the surviving spouse gets to choose the final beneficiaries, by will or within a living trust.

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

Utah Complex Will with Credit Shelter Marital Trust for Large Estates

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FAQ

How does a trust affect married couples?

How does credit shelter trust work?

How does a marital deduction trust work?

How is a marital trust taxed?

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

Can surviving spouse be trustee of credit shelter trust?

How does a trust qualify for the marital deduction?

What type of trust qualifies for a marital deduction?

Can surviving spouse be trustee of marital trust?

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