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Can an IRA be placed in a credit shelter trust?

For many couples, the only asset available to fund the credit shelter trust is an IRA. In order to provide the surviving spouse with maximum flexibility, the account owner could name the surviving spouse as the primary beneficiary and designate the credit shelter trust as the contingent beneficiary of the IRA.

What is the purpose of a marital trust?

A marital trust is an irrevocable trust that lets you transfer a deceased spouses assets to the surviving spouse without incurring any taxes. The trust also protects assets from creditors and future spouses the surviving spouse may encounter.

Should I put my IRA into my revocable trust?

Retirement accounts definitely do not belong in your revocable trust for example your IRA, Roth IRA, 401K, 403b, 457 and the like. Placing any of these assets in your trust would mean that you are taking them out of your name to retitle them in the name of your trust. The tax ramifications can be disastrous.

What type of trust is best?

What Trust is Best for You? (Top 4 Choices in 2022) Revocable Trusts. One of the two main types of trust is a revocable trust. Irrevocable Trusts. The other main type of trust is a irrevocable trust. Credit Shelter Trusts. Irrevocable Life Insurance Trust.

What is the difference between a marital trust and 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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