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Trust Glossary

Disclaimer Trust - A credit shelter trust provided in a decedent's will or living trust as the contingent beneficiary of the applicable exclusion amount and with its primary beneficiary being the surviving spouse, who can then elect:
  • To keep all or part of decedent's gift of the applicable exclusion amount, with the understanding that it will be subject to estate tax at the surviving spouse's later death
  • To disclaim all or a part of the gift, in which case, the disclaimed assets will pass to decedent's contingent beneficiary, his/her credit shelter trust, which won't be subject to estate tax at the surviving spouse's later death

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The content in this glossary is general in nature and is intended for informational purposes only. It is not intended to provide specific advice or recommendations for any individual or organization, because the facts and circumstances surrounding each situation differ. Please consult your attorney, tax advisor or other professional advisor for advice on your particular situation.

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