A will or trust may provide for the creation of subtrusts (such as an Exemption Trust
or Marital Trust), which will need to be established and funded.
PROBLEM SOLUTION(S) PAGE Loss of Estate Value EXEMPTION TRUST
WILL provides the 28 Through Estate Tax opportunity to reduce estate taxes (the COMPARISON OF WILLS chart on page 33 illustrates the substantial savings).
page Powers Of Attorney 454 Living Will 455 Letter Of Instructions 460 Present Interest Gifts 467 Larger Gifts 468 Simple Will 469 Exemption Trust
Will 470 Revocable Living Trust 475 Life Insurance Trust 477 QTIP Trust 479 Grantor Retained Annuity Trust 480 Charitable Remainder Trust 338 THE ESTATE FUNNEL
Using this strategy, your clients will create two trusts for the distribution of their estate: A family trust and a marital exemption trust
The rights to Howard's works were purchased from the United States based company Alla Ray Morris Generation Skipping Exemption Trust
for an undisclosed sum.
In Corson, 114 TC 354 (2000), King, 115 TC 118 (2000) and Hale Exemption Trust
, TC Memo 2001-89, jurisdiction was already conferred on the Tax Court by a petition for a deficiency redetermination.
As the estate tax exemption steadily increases, commonly used funding formulas will cause an ever-increasing amount of assets from the first spouse to die to be diverted to the estate tax exemption trust
and away from the marital share.
2 Exemption Trust
and the Carolyn Baird Almand Revocable Trust.
One vehicle that has been suggested to maneuver effectively through this area is the "tripartite will." Instead of using a two-part estate plan consisting of a credit shelter trust and a marital trust, the tripartite will creates three trusts: a credit shelter, a GST exemption trust
, and a marital trust.
Type of wills (simple, exemption trust
, marital share, etc.).
* Eligibility of nonelecting spouse's trust to challenge innocent-spouse relief: Hale Exemption Trust
, TC Memo; p.
In contrast to the Exemption Trust
Will, see the Marital Plan Will, page 533.