Legal Question in Wills and Trusts in Georgia
Credit Shelter Trusts
My wife and I have about 4 million dollars in assets. Almost all of it is in joint accounts. To take advantage of a credit shelter (bypass) trust, would it be better to not have joint accounts and rather divide the assets in half and put in each of our names.
3 Answers from Attorneys
Re: Credit Shelter Trusts
Probably so. However, you need to seek the advice of a qualified tax advisor, whether it be a tax attorney or a CPA. Since I don't do any tax work, I am very comfortable working hand-in-glove with these professionals.
Re: Credit Shelter Trusts
Using joint accounts will cause you to lose the estate tax exemption of the first to die. Today that could mean almost $1 million of unnecessary estate taxes. You need to take actions to preserve and maximize the use of all tax exemptions available to you.
I specilize in income and estate tax planning. If I can be of any assisance or if you would like me to refer you to someone that works close to you that has the experience that you need you can contact me.
Re: Credit Shelter Trusts
Yes. However, with estates of that size, you will need the services of an estate planning attorney to create an estate plan which minimizes taxes and achieves your objectives in disposing of your estates.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
