Raleigh North Carolina Complex Will with Credit Shelter Marital Trust for Large Estates
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How to fill out North Carolina Complex Will With Credit Shelter Marital Trust For Large Estates?
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FAQ
It's fairly common for a trust beneficiary to also serve as trustee. For example, in a family trust created by two spouses, the surviving spouse will almost always serve as both a trustee and beneficiary.
A marital trust allows the couple's heirs to avoid probate and take less of a hit from estate taxes by taking full advantage of the unlimited marital deduction?a provision that enables spouses to pass assets to each other without tax consequences.
The four main types are living, testamentary, revocable and irrevocable trusts.
Protecting growth on the assets from further estate tax on the surviving spouse's death: A $5 million property or stock portfolio can be allocated to the CST on the decedent spouse's death.
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.
Yes, the surviving spouse may serve as trustee of the credit shelter trust. If the spouse serves as the sole trustee he or she must be restricted to using income and principal for needs related to health, education, support and maintenance.
Yes, a Disclaimer Trust is often referred to as a Credit Shelter Trust. This is because married couples will add in the option for the surviving spouse to disclaim the first spouse's assets and move them into a Disclaimer Trust.
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.