West Virginia 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 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.
The credit shelter trust can also give the spouse a so-called ?five and five power,? which allows the spouse to withdraw the greater of $5,000 or 5 percent of the trust principal each year.
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.
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).
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.
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.
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.