Family
Trust/Credit Shelter Trust
This is a trust
created to contain no more assets than those that escape tax
under the unified credit. In other words it usually contains
no more than the tax free amount. To avoid inclusion in the
estate of the surviving spouse this sum cannot be given
outright to the surviving spouse. The surviving spouse can
be given a life interest in the income from it and even a
right to principal to be paid out according to an
ascertainable standard set forth in the trust. Since the
children are also often made beneficiaries, the trust is
sometimes called the family trust.
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