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

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About this template
This legal template is a comprehensive and specialized document designed for married individuals residing in the state of New Jersey who wish to establish a will that incorporates certain trusts for estate planning purposes. The template primarily focuses on two types of trusts: Credit Shelter Trust and Qualified Terminable Interest Property (QTIP) Trust.

A Credit Shelter Trust, also known as a bypass or family trust, allows the individual to pass a specified amount of their assets to the trust upon their death, thereby utilizing their federal estate tax exemption and potentially reducing their estate tax liability. The assets in this trust are then managed and distributed according to the individual's instructions, typically for the benefit of their surviving spouse and/or children.

On the other hand, a QTIP Trust offers additional flexibility and control over the distribution of assets after the death of the individual. It allows them to provide for their surviving spouse while still maintaining control over the ultimate disposition of the assets. This trust is especially beneficial in situations where the individual wishes to prioritize the care and financial well-being of their surviving spouse, while also ensuring that their children or other beneficiaries receive the remaining assets in accordance with their wishes.

Additionally, the legal template emphasizes GST (Generation-Skipping Transfer) tax planning. This is a tax imposed on gifts or transfers made to beneficiaries who are at least two generations younger than the individual making the transfer, such as grandchildren or other descendants. By incorporating GST tax planning into the will and trusts, the individual can potentially minimize or avoid the imposition of this additional tax on their estate, providing increased financial benefits for their beneficiaries.

Overall, this legal template for married individuals in New Jersey provides a comprehensive and strategic approach to estate planning, incorporating both Credit Shelter and QTIP Trusts along with specific provisions for addressing GST tax implications.
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