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Credit Shelter Trusts

You’ve probably heard the term “Credit Shelter Trust.” If you’ve been involved in the state proceeding, you’ve read a will or a trust, someone’s revocable trust, or maybe you’ve examined an estate tax return, and you’ve seen that. That’s a fancy word for saying somebody has created the trust, where you’ve put in all the property that you can, free of the federal estate tax. So, a federal credit shelter trust can save you estate taxes, but what’s more important is what are the terms of that trust say? Do you understand them, and what are your beneficiary rights?