[WSBAPT] credit shelter trusts

[Heather deVrieze]

Josh,

This is why I use a disclaimer to fund the credit shelter trust.  The idea
of the surviving spouse being able to make the decision at the time is
attractive to my clients and more convenient when the time for funding
comes.  I include the power in the Personal Representative to elect QTIP
or partial QTIP treatment (and separate election for state and federal if
necessary) so that maximum tax savings can be accomplished.

 

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: Friday, May 23, 2014 2:30 PM
To: wsbar probate trust
Subject: [WSBAPT] credit shelter trusts

 

This is a follow up to a recent thread about credit shelter trusts and
disclaimer trusts.  

Assuming (as several listmates did) that a credit shelter trust is
valueable, I am  wondering what  language to use in a case where the
client's estate is inching towards the federal exemption in value, but it
might be that the state exemption is all that is needed.

 

One idea would be to say:

 

"Credit Shelter Trust

 

            A.        If my wife survives me by thirty (30) days, I devise
and bequeath to my trustee, SPOUSE, in trust, assets of my estate having a
total value (as finally determined for estate tax purposes) equal to the
largest dollar amount which can pass free of state or federal estate
taxes.  "

 

Or one could say "free of state and/or federal estate taxes"

 

But i have thought that the IRS could argue, "we can't tell which amount
was bequeathed".

 

Anyone have better language to suggest?

 

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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