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Complex Will with Credit Shelter Marital Trust for Large Estates - Rhode Island

Complex Will with Credit Shelter Marital Trust for Large Estates - Rhode Island 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, including instructions for handling minor children’s inheritances.

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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 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 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 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.

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.

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

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

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

What are the disadvantages of a marital trust?

What type of trust is best to avoid taxes?

Who pays taxes on a credit shelter trust?

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What are the disadvantages of a credit shelter trust?

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

Here's how it works

The easiest way to modify Complex Will with Credit Shelter Marital Trust for Large Estates - Rhode Island in PDF format online

Complete this form in 5 minutes or less

Got questions?

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

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

What are the disadvantages of a marital trust?

What type of trust is best to avoid taxes?

Who pays taxes on a credit shelter trust?

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