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What is a credit Trust in Washington State?

A credit shelter trust is a trust that is established in the will or living trust of the first to die of a married couple, most often for the benefit of a surviving spouse. It is generally created to avoid estate taxes at a first spouse's death by taking advantage of the available federal estate tax credit.

What is the point of a bypass trust?

A bypass trust, or AB trust, is a legal arrangement that allows married couples to avoid estate tax on certain assets when one spouse passes away. When one spouse dies, the estate's assets are split into two separate trusts.

Is a credit shelter trust the same as a disclaimer trust?

Yes, a Disclaimer Trust is often referred to as a Credit Shelter Trust. This is because married couples will add in the option for the surviving spouse to disclaim the first spouse's assets and move them into a Disclaimer Trust.

What is another name for an irrevocable trust?

Irrevocable trusts come in two forms: living trusts and testamentary trusts. A living trust, which is also known as an inter vivos (Latin for "between the living") trust, is originated and funded by an individual during their lifetime. Some living trust examples are: Irrevocable life insurance trust.

Does a bypass trust file a tax return?

As a result, a (non-grantor) bypass trust will typically file its own Form 1041 income tax return, reporting its own income (i.e., from the portfolio and other assets that it holds), claiming its own deductions, and paying its own trust tax bill.

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