[WSBAPT] credit shelter or disclaimer will

Thu May 15 10:29:03 PDT 2014

I second Heather’s approach – and like her, probably only 20% of my
clients have estates exceeding the federal exemption. However, often with
split families with second spouses I don’t use the disclaimer trust when
the client wants to make sure the assets in the trust go to kids on death
of last to die.

Sincerely,

Tom

Thomas J. Westbrook

Attorney at Law

Thomas J. Westbrook, PLLC

PO Box 1

Littlerock, WA 98556

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From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Heather deVrieze
Sent: Thursday, May 15, 2014 9:51 AM
To: wsbapt at lists.wsbarppt.com
Subject: RE: [WSBAPT] credit shelter or disclaimer will

Josh,

The only circumstances where I use a credit trust and not a disclaimer
trust is when there are reasons not to simply give everything to the
surviving spouse, other than taxes.  That being said, whether disclaimer
or outright gift to credit trust, I include a specific power in the
Personal Representative to make a QTIP election for state or federal
purposes or different ones for state and federal purposes, so that if
amounts are disclaimed to the (disclaimer) credit trust in excess of state
exemption amount the amount exceeding the state exemption amount can be
QTIPed to avoid payment of taxes at the first death.

(I don’t have very many clients who have estate exceeding 2 federal
exemption amounts, so federal QTIP elections are not coming up in my
practice at this time)

Heather

Heather S. de Vrieze
Attorney-at-Law

3909 California Avenue SW

Seattle, WA 98116-3705                          

(206)938-5500 

 <mailto:heatherd at westseattlelaw.com> heatherd at westseattlelaw.com 

 <http://www.westseattlelaw.com/> www.westseattlelaw.com 

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From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Josh Grant
Sent: Thursday, May 15, 2014 9:41 AM
To: wsbar probate trust
Subject: [WSBAPT] credit shelter or disclaimer will

I have anolder will form which contains both a credit shelter trust and a
disclaimer trust. The credit shelter uses a formula that only discusses
the US exemptionn/credit.  I was wondering about a revised terminology on
the credit shelter trust that would cover either the US exemption or the
Washington exemption (or both) from estate taxes and I asked about that
wording.

One of our list serve members said "why not just have a disclaimer trust"

So I am wondering if the current recommendation is to just forget about
the credit shelter trusts and assume that the disclaimer trust will work,
i.e. the surviving spouse will know the amount to disclaim and we don't
have to worry about updating the "formula language" in the credit shelter
trust, because we are deleting it.

thanks

Joshua F. Grant
Attorney at Law
P.O. Box 619
Wilbur, WA 99185

t 509 647 5578
f 509 647 2734

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Bar Association nor its officers or agents. 

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