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Purchase an Annuity If your state considers your IRA an asset, you can put the funds into an annuity that follows Medicaid regulations. Although the asset disappears, you will receive a monthly payment from the annuity.
The primary benefit of CSTs is that the surviving spouse can use the trusts principal and income during the remainder of their lifetime, for example, for medical or educational expenses. The remaining assets then pass to the beneficiaries and are not subject to estate taxes.
Key reasons for considering a trust: Control. A trust can control who will receive distributions, as well as when those will occur and on what terms. Protection. Privacy and probate savings. State estate and inheritance taxes. Incapacity planning. Charitable giving. Life insurance ownership. Special needs planning.
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.
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.
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There are three types of marital trusts: a general power of appointment, a qualified terminable interest property (QTIP) trust, and an estate trust. A martial trust protects the assets and benefits of a surviving spouse and children.
Two of the more popular trusts are the Qualified Terminable Interest Property trust (QTIP) and the marital gift trust. Both of these trusts are considered credit shelter trusts because they preserve the estate tax exemption of the donor to be utilized at a later date by the trust beneficiaries.
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.
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.
A credit shelter trust (CST) is a trust created after the death of the first spouse in a married couple. Assets placed in the trust are generally held apart from the estate of the surviving spouse, so they may pass tax-free to the remaining beneficiaries at the death of the surviving spouse.

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