Wyoming Complex Will - Credit Shelter Marital Trust for Spouse
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Among the disadvantages are the following: As irrevocable trusts, once formed, they are exceedingly difficult to dissolve or amend. Only provides an estate tax exemption of up to $24.12 million in 2022 (or $25.84 million in 2023) Requires the transfer of assets into the trust, which can be a time-consuming procedure.
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.
This trust is irrevocable and will pass to beneficiaries other than the surviving spouse (usually their children). The surviving spouse must follow the trust's plan without overly benefiting from its operation, but this trust often passes income to the surviving spouse to live on for the rest of their life.
Also called an "A" trust, a marital trust goes into effect when the first spouse dies. Assets are moved into the trust upon death and the income that these assets generate go to the surviving spouse?under some arrangements, the surviving spouse can also receive principal payments.
Credit shelter trusts are also commonly known as bypass, family, or exemption trusts.
Property interests passing to a surviving spouse that are not included in the decedent's gross estate do not qualify for the marital deduction. Expenses, indebtedness, taxes, and losses chargeable against property passing to the surviving spouse will reduce the marital deduction.
The first trust (the ?marital? trust) is for the surviving spouse, and the second trust (the ?bypass? or ?residual? trust) is typically for the couple's heirs. The surviving spouse can access the residual trust or receive income from it during their lifetime, but it does not belong to them.
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.