Donald M. Thompson - Wills, Trusts, and Estate Planning


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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Donald M. Thompson * 55 W. Monroe #3950; Chicago, IL 60603
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