Join the 9 million people who found a smarter way to get Expert help

Recent Credit Shelter questions

I have inherited an undivided interest of family farm land

I have inherited an undivided interest of family farm land from my Father's QTIP Trust. My mother has now deceased who was the beneficiary. Can I sell the undivided interest without incurring the sheltered estate taxes from the QTIP trust?

Read more

Barrister

Attorney/Landlord/Realtor

Doctoral Degree

star-full
45,556 satisfied customers
BEFORE MY HUSBAND DIED HE CREATED A CREDIT SHELTER TRUST AT

BEFORE MY HUSBAND DIED HE CREATED A CREDIT SHELTER TRUST AT OUR LOCAL BANK AND MADE ME THE TRUSTEE - FOR THE BANK ACCOUNT - COULD I ADD MONEY TO THE ACCOUNT -- I REALLY KNOW VERY LITTLE ABOUT A CREDIT SHELTER TRUST - PLEASE HOW DO I HANDLE A CREDIT SHELTER TRUST ---- THANK YOU

Read more

Law Educator, Esq.

Attorney At Law

Doctoral Degree

star-full
105,184 satisfied customers
Hello, thanks for your response. I do have some follow-up questions.

Hello, thanks for your response. I do have some follow-up questions. Grantor trust vs marital trust: Is the grantor trust a better approach than the marital trust approach (I think that you had previously recommended this approach)? Is there any downside to the grantor trust approach? Stepped up basis: When will the property be added at a stepped up basis (in lieu of the original cost of the property)?One trust instead of two: I think that your idea is good to have one trust instead of two. Is there any downside to having the assets in one trust? If we keep all of the property in one trust would my parents have to pay NYS taxes? Medicaid eligibility: Is there any way that my parents can become Medicaid eligible and keep their property into the trust so that they have access to the income in their property?

Read more

Infolawyer

Attorney

Juris Doctor.

star-full
36,928 satisfied customers
My uncle has my mothers name on an account statement for a

My uncle has my mothers name on an account statement for a credit shelter (she receives the statements). Does this mean she will inherite this amount when he passes? My mother is in a nursing home and I am power of attorney. Will the nursing home take the money or will I as power of attorney be able to protect it?

Read more

Infolawyer

Attorney

Juris Doctor.

star-full
36,928 satisfied customers
Regarding the New Jersey Complex Will with Credit Shelter Trust

Regarding the New Jersey Complex Will with Credit Shelter Trust form, could you please tell me if the form specifically addresses or provides for sheltering NJ's individual estate tax exemption along with the federal? Thank you very much.

Read more

Infolawyer

Attorney

Juris Doctor.

star-full
36,928 satisfied customers
I am in California and wish to give my wife a life estate in

I am in California and wish to give my wife a life estate in my residential house. I understand that a QTIP Trust is a way to do this. Is that correct? Does the QTIP trust help with tax consequences later? If so, how does it help with tax consequences, particularly if I want to leave the house to my sons after my wife dies? What are the advantages of a QTIP trust over an AB Bypass trust? What specific language do you use in the Trust to give the life estate to my wife using the QTIP trust vehicle? The specific language is very important--thanks, XXXXX XXXXX it.

Read more

star-full
37,724 satisfied customers
Our Oregon friends estate is valued at $2.8 million. Their

Our Oregon friends estate is valued at $2.8 million. Their Credit Shelter Trust provides for the maximum Federal deduction and the Oregon estate tax. Should this by-pass trust be amended, or eliminated and the Oregon death tax be taken care of in a different way? Does their present Revocable Living Trust suffice with article amendments for the Oregon tax, or should it be replaced?

Read more

Thomas McJD

Doctoral Degree

star-full
5,814 satisfied customers
if you have a will with acredit shelter trust and do not have

if you have a will with acredit shelter trust and do not have an irrevocable trust, can you avoid probate in the state of Florida

Read more

RayAnswers

Lawyer

Doctoral Degree

star-full
34,438 satisfied customers
is the trustee of a credit shelter trust required to disclose

is the trustee of a credit shelter trust required to disclose his commission schedule prior to seeking to obtain a commission?

Read more

Infolawyer

Attorney

Juris Doctor.

star-full
36,928 satisfied customers
View more estate law questions
In The News