I. NAMES
The Credit Shelter Trusts is an estate planning tool for married couples. This type of trust may go by many names, including: Unified Credit Shelter Bypass Trust; Credit Shelter Bypass Trust; Credit Shelter Trust; Bypass Trust; B Trust; or Non-Marital Trust. If your revocable living trust split in two when your spouse passed, the Credit Shelter Trust…
I. PURPOSE
Married couples use Qualified Terminable Interest Property Trusts or QTIP Trusts to postpone estate taxes and provide for the survivor after one spouse passes while protecting assets for other beneficiaries after the second spouse passes.
With a QTIP Trust, the married grantor who is the first spouse to die provides for the surviving spouse. The surviving spouse receives…
