Complex Will with Credit Shelter Marital Trust for Large Estates - Minnesota: Fill out & sign online

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How do I protect my IRA from Medicaid?

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.

Why is the establishment of a credit shelter trust fund considered a good estate planning technique?

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.

What are some of the most common reasons or purposes for creating trusts?

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.

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.

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