Legal Question in Wills and Trusts in New York
Tax Shelter Credit Trust
My husband and I have holdings in both our names and as beneficiary to each other, how can these holdings pass in a tax shelter credit trust? I heard of a disclaimer, what is it and can it be set forth in the will in a tax shelter credit trust?
Asked on 6/14/01, 4:19 pm
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: Tax Shelter Credit Trust
The easiest and most certain way is to change the ownership. Each of you can own property individually; say the house by wife and the investments by husband.
A will should be signed by each with a provision that takes advantage of the credit shelter.
Today, if both died, $1,350,000 would pass free of estate tax.
Is the size of your estates sufficiently large to justify these adjustments; jointly you must have more than $675,000??
Answered on 6/29/01, 10:24 am
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