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Complex Will with Credit Shelter Marital Trust for Large Estates - Vermont

Complex Will with Credit Shelter Marital Trust for Large Estates - Vermont 2025

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This document is a Last Will and Testament outlining the distribution of the testator's estate upon their death. It includes provisions for the appointment of an executor, bequests to the spouse and children, establishment of a family trust, payment of debts and taxes, and guidelines for the management and distribution of assets. The will emphasizes the care and support of the spouse and children, detailing how assets should be divided or held in trust for their benefit.

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What happens to a credit shelter trust after death?

When the surviving spouse dies, any remaining principal can be distributed to children or remain in trust for their benefit, as you direct. Even though the surviving spouse has access to income (and principal, if needed), the assets in the credit shelter trust are not considered part of the survivors taxable estate.

Do assets in a credit shelter trust get a step up in basis?

Additionally, assets that are placed in a credit shelter trust receive a one-time step-up in basis at the time the trust is funded.

What are the disadvantages of a credit shelter trust?

One of the disadvantages of a credit shelter trust is that it does not give the surviving spouse immediate access or full control over the trust assets. Instead, the spouse can generally receive income from the trust and may be allowed to use the trust principal to pay for health, education, and maintenance as needed.

What type of trust is best to avoid taxes?

Types of Trusts To Minimize Taxes Irrevocable trust: An irrevocable trust is a trust that you cant terminate or change. Grantor retained annuity trust (GRAT): A GRAT is a type of irrevocable trust. Intentionally defective grantor trust (IDGT): An IDGT is another type of irrevocable trust.

Who pays taxes on a credit shelter trust?

No additional tax return: Once a credit shelter trust is funded, the trustee of that trust will have to file a fiduciary income tax return (Form 1041) every year.