Revocable Trust for Married Individual: Credit Shelter and QTIP Trusts with GST Tax Planning (Georgia)

This legal template is likely a document that provides a comprehensive framework for a revocable trust specifically designed for a married individual based in Georgia. The trust is structured to incorporate two specific types of trusts: a Credit Shelter Trust and a QTIP (Qualified Terminable Interest Property) Trust.

A Credit Shelter Trust, also known as a bypass trust, aims to take full advantage of estate tax exemptions available under Georgia law. This type of trust enables the married individual to transfer certain assets to the trust and ensure that they are exempt from estate taxes upon the individual's death.

On the other hand, a QTIP Trust allows the married individual to provide for their surviving spouse while still maintaining control over the trust's principal assets. This trust ensures that the surviving spouse will receive income from the trust during their lifetime, ultimately passing remaining assets to other designated beneficiaries upon their death.

Furthermore, the legal template incorporates GST (Generation-Skipping Transfer) tax planning, a strategy used to minimize taxes on assets passed down to beneficiaries who are two or more generations younger than the individual creating the trust, such as grandchildren or great-grandchildren.

Overall, this legal template provides detailed instructions and provisions for a married individual in Georgia to establish a revocable trust that combines the benefits of a Credit Shelter Trust, QTIP Trust, and incorporates GST tax planning to optimize wealth preservation and succession planning for future generations. It likely covers various legal and financial considerations, ensuring compliance with relevant Georgia laws and tax regulations.