News & Analysis as of September 20, 2024

Estate Planning › Credit Shelter Trusts

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

McNees Insights – Estate Planning: June 2016

McNees Wallace & Nurick LLC on 6/3/2016

Education Tax Credits - There are two tax credits available to help you offset the costs of higher education: the American opportunity credit and the lifetime learning credit. Tax credits are more favorable than deductions...more

Planning for the $5-$10 Million Couple: Portability or Credit Shelter?

Butler Snow LLP on 5/18/2016

In 2009, each individual had a $3.5 million estate tax exemption. If a married individual had assets over $3.5 million, without careful planning, those assets in excess of $3.5 million would fall subject to a 45% estate tax....more

The Future of Credit Shelter Trusts

McNees Wallace & Nurick LLC on 5/5/2016

When the President signed the American Taxpayer Relief Act of 2012, some observers thought that certain provisions would sound the death knell for a popular legal tax shelter strategy known as Credit Shelter Trusts (CST)....more

Income Tax Cost Basis Planning

McNees Wallace & Nurick LLC on 11/27/2013

Prior to the recent and significant increases in the federal estate tax exemption amount, many clients engaged in planning the purpose of which was to ensure the use of both spouses’ exemption amount through the use of a...more

Estate Plans May No Longer Need Credit Shelter Trusts

Poyner Spruill LLP on 2/28/2013

The 2012 Tax Relief Act provides an exemption from federal estate tax of $5,250,000 inflation indexed per spouse that is portable between spouses. If the first spouse to die does not use in whole or in part her or his...more

Termination of Credit Shelter Trusts

Poyner Spruill LLP on 2/11/2013

As discussed in a previous article, due to higher estate tax exemption, certain trusts previously established for purposes of avoiding estate taxes under the estate plan of a predeceased spouse may no longer be necessary in...more

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