Minimizing Your Estate Taxes With A Credit Shelter Trust
Married couples with significant assets may be able to minimize or even eliminate estate taxes by creating a credit shelter trust, also referred to as an A/B trust or a bypass trust.
Essentially, these trusts accomplish two goals: ensuring that your spouse can maintain his or her lifestyle after your death and shielding your wealth from the estate tax so your children receive as much as possible. But credit shelter trusts are complex, even in the most straightforward situation.
Guidance For Morris County
At J. Jeffrey Press, P.A., we can help you create comprehensive plans that accomplish your goals. Attorney J. Jeffrey Press works with clients throughout northern New Jersey.
More About Credit Shelter Trusts In New Jersey
With decades of experience, J. Jeffrey Press has the knowledge to devise a plan that will benefit you, your children and anyone else for whom you wish to provide following your death.
Whether you should consider a credit shelter trust depends mostly on the value of your and your spouse’s combined estates. The exemption amount of the federal estate exemption has changed substantially in recent years. Keep in mind, however, that what really matters is your net worth at death, not today. There is a possibility that by the time of your death your estate will exceed the exemption amount.
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These areas of the law can be tremendously complex. Make sure you are prepared for the future by getting experienced guidance. Schedule a consultation with a knowledgeable attorney. Call our office today at 973-323-2654 or contact us online.