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

Complex Will with Credit Shelter Marital Trust for Large Estates - Alabama 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 specifies how personal property, real estate, and other assets should be managed and distributed, ensuring that the needs of the spouse and children are prioritized. Additionally, it 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.

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).

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 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 are the disadvantages of a marital trust?

One such drawback is their irrevocable nature; once established, the terms are generally set and cannot be easily altered. The surviving spouses estate may also be subject to increased estate taxes upon their death, depending on the trusts structure and the value of the assets.

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.

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.

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

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

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What type of trust is best to avoid probate?

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

Here's how it works

How to edit Complex Will with Credit Shelter Marital Trust for Large Estates - Alabama 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?

What is the maximum amount for a credit shelter trust?

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

What are the disadvantages of a credit shelter trust?

What are the disadvantages of a marital trust?

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