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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West Virginia Complex Will with Credit Shelter Marital Trust for Large...

West Virginia Complex Will with Credit Shelter Marital Trust for Large Estates

Name: West Virginia Complex Will with Credit Shelter Marital Trust for Large Estates
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.74 (410 reviews)

Category:

West Virginia Wills - Complex

State:

West Virginia

Control #:

WV-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

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.

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 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 "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."

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.

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.

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.

This type of irrevocable trust is structured so that upon the death of the trust's creator or settler, the assets specified in the trust agreement and the income they generate are transferred to the settlor's spouse.

West Virginia Complex Will with Credit Shelter Marital Trust for Large Estates

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FAQ

How does a trust qualify for the marital deduction?

Can surviving spouse be trustee of credit shelter trust?

What type of trust is a credit shelter trust?

Is a credit shelter trust a marital trust?

Are spousal bypass trusts still relevant?

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

What type of trust is a marital trust?

Is a credit shelter trust a simple trust?

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