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How to use or fill out Complex Will With Credit Shelter Marital Trust For Large Estates - Texas
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Click ‘Get Form’ to open it in the editor.
Begin by entering your full name and address in the designated fields at the top of the document. This identifies you as the testator.
In Item I, provide your spouse's name and list your children. Ensure all names are spelled correctly for legal accuracy.
For Item II, appoint your spouse as the Executor. If applicable, designate a successor Executor in case your spouse cannot serve.
Proceed to Item III, where you will specify how death taxes should be handled. Clearly indicate if they should be paid from the family trust or your residuary estate.
Continue filling out Items IV through IX, detailing specific bequests and trust provisions. Be precise about asset distribution to avoid future disputes.
Finally, review all entries for accuracy before signing. Ensure witnesses are present during signing as required by Texas law.
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Can a surviving spouse be trustee of a credit shelter trust?
The trust typically provides that the surviving spouse has entitlement to the income and to the principal provided that there are ascertainable standards such as for support, health and welfare for the trustee to distribute principal to the surviving spouse. The surviving spouse can even be a trustee.
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.
Does a property on a trust avoid creditors in Texas?
Shield Assets from Creditors The assets in Texas Irrevocable trusts are truly protected because they are out of your legal ownership. These assets are private, and generally a creditor cannot access them unless he or she can prove fraudulent intent a high hurdle for most creditors.
What is the difference between a marital trust and a credit shelter 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.
Is a credit shelter trust a complex trust?
This type of Credit Shelter Trust is known as a Complex trust as it allows for the accumulation of income rather than required distributions. Note the options presented to the trustee(s): If the spouse needs all of the income, he/she/they can get it.
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State Estate, Inheritance, and Gift Taxes Five Years After
by J Michael Cited by 1 for any credit shelter trust permitting discretionary distributions to the surviving spouse.61 That will allow an executor to make the election for trusts.
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