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

Complex Will with Credit Shelter Marital Trust for Large Estates - Arizona 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 appointing an executor, bequeathing assets to the spouse and children, establishing a family trust, and addressing tax obligations. The will revokes any previous wills and specifies how personal property, real estate, and other assets should be managed and distributed among beneficiaries. It also includes instructions for handling potential disclaimers by beneficiaries and outlines the powers of the executor.

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What happens to a credit shelter trust when the surviving spouse dies?

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.

Are trusts considered marital property in Arizona?

Marital Property: If a trust was established during the marriage and funded with marital property (property that either spouse acquired during the marriage), the assets in the trust are generally considered marital property and are subject to division in a divorce.

Do credit shelter trusts 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 probate?

Having a revocable trust in place can help you avoid probate, which is the process a court takes to finalize your legal and financial matters after your death. Probate can be lengthy and expensive for your loved ones. Estates in probate also become a matter of public record.

When a spouse dies, what happens with the trust after?

What happens to a living trust when one spouse dies is that it remains revocable until both spouses have passed away. A joint living trust will have a sub-trust called a survivors trust where the assets remain accessible and controllable by the surviving spouse.

What is the maximum amount for a credit shelter trust?

When you pass away, the Trustee you have named in the Credit Shelter Trust funds the Trust. This can include any amount up to the lifetime federal estate tax limits (as of 2021, that threshold was raised to $11.7m per person or $23.4m per couple - up from the 2020 limit of $11.58m and $23.16m, respectively).

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

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Got questions?

What happens to a credit shelter trust when the surviving spouse dies?

Are trusts considered marital property in Arizona?

Do credit shelter trusts get a step up in basis?

What are the disadvantages of a credit shelter trust?

What type of trust is best to avoid probate?

People also ask

When a spouse dies, what happens with the trust after?

What is the maximum amount for a credit shelter trust?

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

Here's how it works

The best way to edit Complex Will with Credit Shelter Marital Trust for Large Estates - Arizona in PDF format online

Complete this form in 5 minutes or less

Got questions?

What happens to a credit shelter trust when the surviving spouse dies?

Are trusts considered marital property in Arizona?

Do credit shelter trusts get a step up in basis?

What are the disadvantages of a credit shelter trust?

What type of trust is best to avoid probate?

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People also ask

When a spouse dies, what happens with the trust after?

What is the maximum amount for a credit shelter trust?

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