[WSBAPT] Unneeded Credit Shelter

[Marcus J. Fry]

Shannon:
My 2 cents. If it is clear that both estates combined would be under the exemption, then I have no concern with distributing directly to the heir from the estate.  However, if the CST is needed to avoid any confusion about the 2nd estate exceeding the exemption limit, then I would do a TEDRA or at least a written understanding between the trustee and beneficiary that outlines what has transpired to document the situation in case questions later arise.


Marcus J. Fry
Attorney | Witherspoon * Kelley
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Shannon Jones
Sent: Monday, April 18, 2022 10:57 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Unneeded Credit Shelter

Listmates, What is the recommended course of action when you have a revocable living trust requiring funding a creditor shelter trust, first spouse dies and surviving spouse then dies only a few months later, and we have a total estate well under the WA estate tax exemption? Credit Shelter and Survivor's Trusts all end up distributing to the same persons. Do we have to fund the credit shelter when it accomplishes no useful purpose? If we don't fund the credit trust, do I need a TEDRA? Shannon

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Shannon R. Jones | Attorney
Campbell Barnett PLLC
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