Complex Will with Credit Shelter Marital Trust for Large Estates Maine Form
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People also ask
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What are the benefits of a credit shelter trust?
The primary benefit of CSTs is that the surviving spouse can use the trust's principal and income during the remainder of their lifetime, for example, for medical or educational expenses. The remaining assets then pass to the beneficiaries and are not subject to estate taxes.
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Is a marital trust a credit shelter trust?
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.
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What is the difference between a credit shelter trust and a marital trust?
The credit shelter trust (“Trust B”) is used to avoid estate taxes at first and second death by using the estate tax exemption of the first spouse to die while the marital trust (“Trust A”) takes advantage of the unlimited marital deduction to pass assets onto the spouse without estate tax at the first death.
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How does a marital trust work for a surviving spouse?
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.
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Do assets in a credit shelter trust get a step up in basis?
When the credit shelter trust is initially funded upon the death of one spouse, the assets that are placed under the trust receive a step-up in basis. This is an important consideration, because any assets held in a CST don't receive a second step-up in basis upon the death of the surviving spouse.
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What is the difference between a slat and an ab trust?
The difference between a SLAT and a Bypass Trust is a SLAT is funded while both spouses are alive while a Bypass Trust is funded at the death of either spouse. The allure of a SLAT is that they are flexible and can be done while you are still living with so many benefits.
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How is income from a credit shelter trust taxed?
Credit Shelter Trust and federal income taxes If their combined estate value is less than the exemption amount, they won't owe federal estate taxes anyway. However, funding the CST will lock in a potentially lower tax basis, eventually costing the heirs more in federal income tax when they sell the inherited assets.
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What are the disadvantages of a credit shelter trust?
The downside to these trusts is that since the assets (and their growth) were not included in the taxable estate of the second spouse to die, the assets, when eventually paid out (usually to the children) did not receive a further step up in basis at the death of the second spouse, such that the children inherited the ...
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