Credit Shelter Trust

Credit Shelter Trust

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Credit Shelter Trust

Credit Shelter Trust definition:  A credit shelter trust transfers a deceased person’s assets to beneficiaries, meanwhile the surviving spouse maintains rights to those assets (and the income generated) during the remainder of their lifetime. The surviving spouse does not control the assets in a credit shelter trust, and it never becomes part of the spouse’s taxable estate. After the spouse’s death, the assets are transferred to the beneficiaries. The married couple each utilizes the personal exemption amounts, doubling the assets that pass to heirs without estate taxes.

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