Credit Shelter Trust

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Text in this Example:

Spouse leaves everything
to surviving spouse
Spouse leaves his or her half of estate
in a credit shelter trust
$4 million estate
$4 million for surviving spouse
$2.835 million for children
$1.5 million credit shelter trust
$2.5 million
$3.54 million for children
No tax at first spouse's death
Tax at surviving spouse's death
= $1.135 million
At surviving spouse's death, trust assets pass to children tax-free
Surviving spouse's tax exemption reduces tax on his or her portion of estate
(remaining tax: $460,000)
Exemption eliminates tax on trust
$2.5 million for surviving spouse's benefit
Credit Shelter Trust