In This Issue

Funding the Nonmarital Share in a Credit Shelter Trust
By Colleen Cowles
Regardless of whether the nonmarital share is distributed to a credit shelter trust or outright to beneficiaries (anyone but the spouse), the decedent's federal estate tax credit is utilized. The benefit of using a credit shelter trust is to hold assets during the surviving spouse's lifetime, rather than distributing them outright on the first spouse's death. If a credit shelter trust is utilized, various options exist for trustee authority in managing the trust.

Legislative Update
Appeals Court Rejects Bankruptcy Trustee's Argument that Disclaimer by Beneficiary-Debtor is Avoidable Transfer; AARP Publishes Eighth Edition of Across the States 2009: Profiles of Long-Term Care and Independent Living ReportSupplement to Actuarial Tables Under I.R.C. § 7520 Issued by IRS; IRS Requests Public Comments on Final Regulation Affecting Estate Planning Practitioners; Applicable Federal Rates for March 2009.

Cowles Tech Tips
Assets which require a legal document for transfer into the trust may be prepared by selecting assignments, deeds and correspondence listed on the Asset Transfer Documents menu in Cowles Trust Plus. This TechTip shows you the types of asset transfer documents are available, and how to access them.

THE ESTATE PLANNER AS A WORD DOCUMENT
Access The Estate Planner as a Microsoft Word document.