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

This legal template is a comprehensive document designed for married individuals residing in the state of New Jersey who wish to create a revocable trust with specific provisions for credit shelter trusts, QTIP trusts, and GST tax planning. A revocable trust allows individuals to retain control of their assets during their lifetime while also providing a smooth transition of assets to beneficiaries upon their passing. The credit shelter trust component maximizes estate tax exemptions, ensuring that both spouses' exemption amounts are fully utilized to minimize tax liabilities. The QTIP trust aspect allows for the creation of a marital trust that provides income to the surviving spouse while preserving the underlying assets for the designated beneficiaries, often children. Additionally, this legal template incorporates GST tax planning, addressing issues related to generation-skipping transfer taxes and ensuring that wealth can be transferred to multiple generations while mitigating tax consequences. This comprehensive document is tailored specifically for New Jersey residents, considering the state-specific laws and regulations related to trusts and estate planning.