Exemption Trust

Exemption Trust

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Exemption Trust

Exemption Trust definition:  An exemption trust is irrevocable and avoids estate taxes on trust assets held by a married couple. The trust is funded from the first spouse’s estate. The trust is not subject to estate taxes when the second spouse dies. The surviving spouse may make withdrawals from the trust for health or living expenses or receive the net income from the trust, but does not control the assets in the trust.  The assets bypass the surviving spouse’s taxable estate and pass on to the grantor’s chosen beneficiaries after death of the spouse. (See Credit Shelter Trust for more information.)

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