Marital Trusts: Your Best Option For Estate Planning
Most married couples put their financial assets into a joint bank or investment account. While it seems like a common-sense solution, there are disadvantages when one spouse dies. The surviving spouse will only get one lifetime estate tax exemption. By establishing a credit shelter trust, however, spouses will receive their own lifetime exemption, as well as their spouse’s, upon death.
Lyons & Supple attorneys have been helping families with estate planning and marital trust accounts for more than 30 years. We handle everything in a personalized way and customize our services to meet your specific needs. From making sure you have the right marital trust for your needs, to administering the trust in an ethical, legal and professional manner, we are ready to help.
What is a credit shelter trust? A credit shelter trust is often referred to among estate planning professionals as an A/B trust. It allows the surviving family members to minimize estate taxes upon the death of the both parents. Under New York state and federal law, each spouse is allowed a single exemption from estate and gift taxes. A credit shelter trust, however, allows each spouse to maximize their once-in-a-lifetime exemption as a credit sufficient to offset the taxable amount. It is typically a good option for family estates valued at a million dollars or more. The computations are complex, and proper handling requires planning and experience.
Call our offices in Wappingers Falls, New York, toll free at 866-587-0982 or contact us by email. We will arrange an opportunity for you to meet with a New York estate planning lawyer to discuss the advantages of a credit shelter trust.