Well, hello my friends and welcome back to my channel. Today we're working on a plan with me. We're working on April 2nd through the 8th. It's currently April 6th. Oopsies. But I figured I would back plan. I did a little poll on my Instagram stories and the majority of you said yes, you want to still see a plan with me, so let's do it. I'm using these two sheets as my inspiration today. They're both from Coffee Break Planner. This is just like this really pretty holographic foiled box sheet, so I'm going to use this. Also, this is in her shop for Spring as well. There's just some half boxes and then just more event boxes, so I figured I'd kind of stick with the gray and pink kind of a theme. For the washes, I just chose this pink floral and then this silver, metallicy, glittery one. So, underwear. Yeah, so I don't necessarily know what I'm going to be doing, but I think I'm just going to put some things in and let her go, you know? And this washi is kind of weird, so you can't rip it. So you have to make sure everything is like squared up on the edges and stuff before you get it going. Oh, that's like really crooked, but oh well, it's good enough for me. It is a little crooked though. Whoops. Whoops. Oh my gosh. Maybe I should just like start at the top so I can see what the heck I'm doing. Wow. You'd think I'd be like a professional at this by now, but clearly I am not a professional. All right. Well, that's sticking over a little bit. Oh well. Okay, I need to put this somewhere. I can find it again. So I am going to put in some things. So on Monday, I don't really know what I did on Monday. This is like Let's test Emily's memory. Hmm. A dirtner. All right. I think for this one, I'm going to use this. I applied for my benefits on Monday. So that's good. I literally don't know what else I did on Monday. Is that weird? Yeah, probably. Okay. I know that Tuesday was a snow day, and I'm going to use one of my Chrissy Ann Design stickers for that. I know that there's snow day ones somewhere. Hold on. I need to find them. Aha. Snow day. Um, let's see here. I'm going to use a pink one because we're kind of going pink-ish. So I didn't really do much on Tuesday either, but let's put in this washi. I'll use one of these fun floral stickers and put snow day because it's so contradictory to each other. But you know, that's all right. Okay. So let's see here. Wednesday, I actually left the house and I did all of the things. But before I do that, let me put in something that's happening today. I actually got these not too long ago from Harriet Wright Designs. I'm going to list all of the planner shops that I'm using down below. I thought these were super cute. These are like the laundry day icons and it's like this little girl and it says censored and it says it's laundry day. I thought these were funny. So I'm going to put this in full today because it's laundry day. And then yesterday, I had a class. I'll put that in first. I just don't have my other stickers that I want for Wednesday out. So I need to kind of dig them out of the place that they're hiding. So yesterday, I had a class from nine to three and I thought it wouldn't be till three because the instructor said, oh, it's not going to be that long. But yeah, it lasted until like around like 320-ish somewhere in there. You know, I don't know what I do with things sometimes. It's right here. I'm like looking for this thing and I could not find it. So all right. So it lasted until actually lasted until after three, but that's all right. We'll just put it in for that. And it was called creative job search. All right. So that was good. Put that by error. I'm going to put these little planar Kate stickers in here. And then it's, I don't know, around 11-ish or so. We'll put that right here. Do a plan with me, y'all. Let's do a plan. All right. So on Wednesday, I went to close mentor, which took quite a while because it takes an hour to get there and an hour to get back. And then it took a while for them to like go through everything. I donated some of my clothing. I filmed a video about it last week. I will leave a link below. I just did like a cleaning video, just clean out my closet with me. So, yeah. All right. And I'm going to put it in here like this because I, it took a long time. You guys took a really long time. I'm going to put this over to the side just a little bit.  And then I've been wanting to use these. These are from planar Kate. And I think I'm going to use this dark slate color. It's just these like little, I don't know, diagonals. I don't know. Just kind of indicates, you know, that you kept going, I guess. I don't know. I think that looks kind of cute, right? All right. And then after that, I went to Aldi and then I went to Cub as well. I just did like all the grocery shopping. So I'm going to put these in and put grocery. And then I'm going to put Aldi and then Cub on here too because I went to a couple of places because I could, can't get my groceries in all the play in one place apparently. So yeah, that looks so cute. All right. So this is kind of what's happened this week. I literally can't remember what I did on Monday. I need to like keep a log or something. So Saturday, actually something really fun is going to be happening. So that is going to be tomorrow. If you guys are watching it today, because I'm going to, I'm doing it right now, but I'm going to upload it today as well. You know, what I didn't do is, here I'll put my little trashy guy right there. Forgot about that. Oops. All right. So on Saturday, I am running over to watch Jackson, my nephew. His mom's got something going on like in the late morning, early afternoon. So I'm going to head over there at 10 30. And she said she'd be back probably around four-ish somewhere in there. Oh gosh. Ah, okay.  What the heck? It's like lifting up everything. All right, let's start over. I'm a professional, you guys. I'm a professional. All right. So put in, I'm going to be there at 10 30, but I'll just put it in at 10, which is going to be fine. And then she said she'd be back probably around four. She's going to do something with her mom, so she'll be just fine. All right. So at 10 30, Mr. Jackson man put this in. And then every time I bust these out, I always get questions on where they're from. Unfortunately, this is a shop that no longer is in business, but I do love these cute little animal balloon things. Super cute. But I have them and I'm going to continue to keep using them here. We'll put like this so I can see it a little bit better. So cute. All right. So that's happening on Saturday. I really don't have any other like plans for Saturday at all. However, looking forward, I think it's the 17th. Let me grab my thing here. All right. So I figured it out. So Tuesday, April 17th, which is not this week, but next week after that, there is a like pickup for donations in my area. So I do have some other things I was going to get rid of and possibly sell. But to be honest, like the shipping is going to cost way more than the actual item. And I don't know. I think I'm just going to declutter and get rid of stuff. So that's the name of the game for Sunday, hopefully. That's kind of my plan. So I'm going to put in one of these little declutter things with my little trash can jobber. And that is what I'm going to hopefully do for the day on Sunday, which is my plan. Yeah, because it's got to get done, you guys. I've got so much stuff that I'm just really not using and not, you know, loving and enjoying. So I think it is time to get rid of things. And I know a lot of you guys are going to say, no, sell it, sell it. I want some of your stuff. I have mixed feelings about it because I just don't want to go through the work. And yes, I understand I'm unemployed. I probably need money. That's fine. But it's just a little bit more of a hassle because these items are like big and heavy and glass and breakable. And, you know, I don't really have the packaging and it would cost so much to ship it. So anyway, but I'm going to like basically declutter my entire house starting with housewares. But I have actually some housewares that I have set aside already. So I just need to get them packaged up and put them in my garage. So when the 17th happens, then I can, you know, get those all out.  And I don't know who's going to be in my area, but I can't remember the name of the actual company anymore. But they're they're on my fridge donation day. Also, there is a job fair the same day. So I'm going to use this job fairs in the afternoon, I believe. I found out about the job fair yesterday when I was at that. What's it called? You know, the what's it called? What's it called? The job search class. Wow, I like can't talk today, but that's all happening on the on the 17th. But yeah, I think the job fair starts at like 1230. Oh, whoops, could like put it in the right way. So yeah, I'll just be like my little placeholder. But this is what my week looks like thus far. Hope you guys enjoyed the video. I know it's a little bit late in the week, but I've had things going on or I've been doing things and I obviously don't put everything in my planner, but I like to put as much as I can in there. But thank you guys so much for watching the video. If you liked it, give it a thumbs up. Also feel free to hit the subscribe button if you haven't already and be part of this fun little community. Also, you can hit the red bell, not the red bell. I don't know, is it red? I'm not sure. You can hit the little bell notifications next to the subscribe and you will get an email every time I upload and then you can decide if you want to watch it. I do lots of different things besides planner videos. I do home decor, home organization, vlogs, halls, different things like that. So if you like that kind of thing, feel free to join the family. So I am going to jet. Thank you guys so much for hanging out with me today and I will see you guys in the next video. Bye guys!


went wrong and to give them an opportunity to review their own approaches to ensure that they can learn any lessons that there may be coming out of that. We have published two such reports. We have just concluded a third statutory intervention, so we will be moving shortly to publish a third report. Then we will look to draw broader lessons out of those three situations to ensure that there are lessons learned both by the sector itself but also whether there is anything that we need to take out of that. As George says, that will feed into the review of the regulatory framework. Time is upon us, Mr Walker and Mr Cameron. Thank you very much for attending here today. It is very worth the 11th session for ourselves. If you would normally see additional comments, please do email the clerking team if there is something you really wanted to convey to us. You feel that you have not had the opportunity to do that, but hopefully you have had that opportunity. Thank you for attending and we now have to move directly on to agenda item 3. The committee will consider that a negative instrument 350 is listed on the agenda. The instrument is laid under the negative procedure, which means that its provisions will come into force unless the Parliament votes on a motion to annul the instrument. No motion to annul has been laid. I invite members to make any comments that they may have on the instrument before us today. I ask members whether they agree that they do not wish to make any recommendations in relation to the instruments. Are we agreed? I move to agenda item 4, which is previously agreed and will be in private session.


The slap dodged first there was a slap chop now. There's a slap dodge. How good is that? Oh, yeah, what's up guys is Chris Pike my friends call me big C Back in action today I want to show you the brand new Roadhouse trailer and I want to show you my favorite part using heartbeat Moments if you want to follow along it's h.ki Link is in the description below now the new trailer it looks like it's a similar to the old movie Which by the way, I'm gonna show you the trailer for that one, too Now we're gonna kind of make a comparison as to which Roadhouse is better the new one or the old one and both of them seem to be Pretty filled with testosterone if you know what it means. So anyways, yeah follow along with me Just go to h.ki, but here's some of the best moments from the new trailer Let's start here with my first moments called before we start and it's quite funny. Here we go Is there a hospital nearby? Is it like far like 25 minutes? I'd say All right So far it's off to a pretty good start if you're a red-blooded high testosterone male like me you're getting a kick out of it I promise. Let's go forward to the next part here. In fact, let's just roll the next few seconds. They're great Okay The slap dodged first there was a slap chop now, there's a slap dodge How good is that? What a great set of moments here. All right, let's go forward a little bit more Let's try and figure out what the movies about they put a little bit of plot and a little bit of exposition in here But not a whole lot. So I'm gonna skip forward to this moment right here at 44 seconds I own a Roadhouse So she wants to pay this broke fighter for to come and beat up drunk people in her Roadhouse for no real reason and he's got to go all the way to Florida. What I just it's ridiculous, but whatever man I'm on a horse All right, let's get forward to the next ridiculous part in this trailer All right now he's teaching people how to bounce oh my god the father I wish I had oh my god.  All right, let's keep forward. Let's keep rolling. See what the next moment is Like this it has leprechauns here we go All right, so Connor McGregor looks to be the main boss in this movie That's pretty random, but hey, you know what I guess it gets them an acting gig. Why not right? You're on IMDb now there Connor way to go. All right, let's go forward to the next good scene here at 1 minute 48 All right, keep your enemies closer.  Okay. Well, whatever. Let's keep going I'm gonna go to the last few moments that I liked here. We go at two minutes and three seconds Oh boy All right, so it's got guns it got boats it's got leg locks it's got Connor McGregor It's got a dingy there and it's some explosions. All right This is proper road house, but on the water now as you do.  Okay, cool guys, you know, honestly, I'm gonna be there like first night I wish I was a different type of person, but this is my kind of movie I I'm sorry, but anyways, let's go to the old roadhouse and make some comments on that one And then we're gonna kind of figure out which one's better. Okay, so here's the old road house again Still using heartbeat moments and you'll see here the first moment is at the six-second mark. So let's go there All right, so he's Didn't even like buy you a drink the guy didn't even like say no he just breaks the bottle.  All right, let's go forward to 13 seconds Oh my god, yeah, let's watch a little bit of fighting why not So he's just just random violence here in a bar in 1989 why is this even here? All right, let's go forward to some of the moments.  I don't know whatever anyways the next one is at 52 seconds And it's just titled hot. I wonder what this can be Yeah figures Okay, so it's got an attractive female in it does the other one have one now that I think about it Yeah, I mean, I guess the doctor but they don't really push it. That's okay. All right. Well, whatever. It's Patrick Swayze I wonder if he's a martial artist. Let's look He knows Tai Chi what the hell he's doing Tai Chi outside of a pub Okay, life is good. All right. Let's keep going. I Thought you'd be bigger. Yeah, there's a new one Okay, let's go forward to the next one. Let's see. I mean the other video or the other Roadhouse had you know fights explosions guns. Let's see what this one's got It's got a monster truck. How good is that? Man, this is great. Let's keep going a little further here It's got explosions for no real reason and It's oh, yeah, he's got a jump on a motorbike. Watch this All right, guys, so I mean it's really hard to call this like they both look really good Of course, I've seen the old one maybe more than I should have just a dude getting into fights But hopefully the new one's good. But anyways, there's my comparison between the two roadhouses Of course, leave a comment. I've got a ton more heartbeat moments coming up. Thanks for watching


Personal Finance PowerPoint Presentation Credit Shelter Trust CST Prepare to get financially fit by practicing personal finance Support Accounting Instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category further broken out by course each course then organized in a logical, reasonable fashion making it much more easy to find what you need than can be done on a YouTube page we also include added resources such as Excel practice problems, PDF files and more like QuickBooks backup files when applicable so once again click the link below for a free month membership to our website and all the content on it Most of this information comes from Investopedia Credit Shelter Trust CST which you can find online take a look at the references resources continue your research from there this by James Chen updated July 16th, 2022 in prior presentations we've been looking at estate planning then focusing in on particular tools used in estate planning which may or may not be applicable depending on your circumstances and situations this time that being the Credit Shelter Trust First question What is a Credit Shelter Trust CST? A Credit Shelter Trust CST is designed to allow affluent couples to reduce or completely avoid estate taxes when passing assets to heirs typically the couple's children so we went over kind of like a timeline of the process for the estate planning in prior presentations quick recap before the time of death our goals are typically to be able to allocate our assets at the point of death and to be able to make that process as easy as possible on our loved ones our heirs at that point and if we have a significant amount of assets we might be subject to estate taxes we would like to lower the use or the amount of taxes that are being paid because theoretically of course we'd want to be giving more of our money to the people that we want to give the money to keeping that in mind we're now looking at a Credit Shelter Trust designed to allow affluent couples people that are well off the reason it's more affluent couples is because the estate tax which you might think of as like a death tax which is a tax in essence on the balance sheet as opposed to what we're typically thinking of with taxes which is an income tax so you got the balance sheet or the assets at the point of death accumulating if they're significant enough you could be subject to the estate taxes and so more wealthy individuals are going to have more concerns about that to reduce or completely avoid the estate taxes basically the death tax that would be on the assets of the estate at death when passed to the heirs so this type of irrevocable trust is structured so that upon death of the trustor's creator or settler the assets specified in the trust agreement and the income they generate are transferred to the settler's spouse so remember normally when you think about passing on your assets at the point of death the first tool we think of is a will but if you have a will then you could still be subject to basically the probate process which can be kind of a costly process and you might have other strategies with regards to of course estate planning as well so you might use tools such as trusts trusts being similar to like a corporation or like a separate legal entity in a way they're an entity in and of themselves which have characteristics that we typically apply to human beings such as the capacity to own property and so that could have some useful applications with regards to a state planning one of them being setting up a trust to try to make the probate process a little bit easier and then when we get into more complex estate planning to try to reduce the state taxes we might try to put our money into a trust to reduce the taxes now remember that this whole thing with the estate taxes the back and forth would be the IRS wants to tax a wealthy individual when as they die on basically their balance sheet the wealthy individual then has an incentive to give all their money away on their deathbed the government doesn't like that so they're going to try to say that we've got to gift, gift rules are going to be the state taxes so that we're going to limit your capacity to just give your money away right before you die so then of course you have complex strategies to try to give your money away one of them would be well what if I gave my money away to a separate legal entity a trust well you might be able to do some planning like that but if you still have control over the trust meaning it's revocable you can change it at any time then you haven't really given your money away would be the argument from the IRS and that's why we have this concept of irrevocable trust if it's in an irrevocable trust and you no longer have control over what to do with the money although you've kind of set forth what you would like to do from with the money then that's when you're walking the line between the estate planning whether you gave the money away which can be beneficial for estate taxes okay keeping that in mind understanding a credit shelter trust CSTs are created upon a married individual's death and funded with that person's entire estate or a portion of it as an outlined in the trust agreement so these assets then flow to the surviving spouse so remember when you're talking about a couple then you have a bit more complexities in terms of these asset allocations right because if you're one individual then you own what you own and at the point of death you know you're going to do what you're going to do with it when you're married couple and then the question is well are you like one entity now which is kind of the original thought of marriage right now you're one like entity with regards to what your ownership and so on and so forth but that concept can be a little bit different from state to state if you were one entity you would think that one person dies and they give the then the other person still alive so they would kind of have control over the assets of that financial entity and then when they die they pass the assets along so and so forth in accordance with whatever they have set up but you have different laws with regards to different states that you want to be aware of and also when you're talking about the taxes for the death taxes the estate taxes there's usually like an exemption amount which you can think of as kind of similar as an income tax standard deduction that you get on an individual basis so if you think about the income tax standard deduction usually you have like the standard deduction for single and married is like twice as much but for estate taxes they don't have that it's just one exemption per person so now the question is well if I'm married I want to make sure I get the exemption amount for both individuals which can be a little bit complex because when the second individual dies they're going to have all the assets of the two individuals in their estate unless you do something it's kind of tricky with trusts right so that's one reason you might be putting in the trust which would be necessary to think about if you have a married couple with a significant amount of assets so however because the trust is managed by a designated trustee their surviving spouse never actually takes control of the assets so the idea is that the one person dies they put the money into a trust so the other spouse never really gets control over it so when they die they don't have twice as much assets you're going to try to get the exemption or maximize the exemption on a per person basis that way therefore the transfer does not add to the surviving spouse's taxable estate so that means when the next spouse dies hopefully they're only taxed on half of the estate or you're going to try to minimize the taxes in any case so a key benefit to this type of trust is that the surviving spouse maintains certain rights to the trust assets during the remainder of their life so now the surviving spouse what you would like to have happen is the surviving spouse still has as much control as possible over the assets but they're not going to be subject to the surviving spouse's estate is the general concept under specific circumstances such as the need to fund certain medical and educational expenses their surviving spouse can tap into the trust principal and not just income so typically the trust would be set up so that the income would be the thing that the terms of the trust that would then have access to possibly not the principal depending on the terms of the trust but under certain circumstances they might still have the capacity to tap into the principal so upon surviving spouse's death the trust's assets are transferred to the remaining beneficiaries without any estate taxes levied that's the general idea what you want to have happen instead of them being combined in with the surviving spouse making them have a large lump sum which could make more of its subject to estate taxes so CST's Credit Shelter Trust are known as AB Trust or Bypass Trust so we've talked about them in terms of a different name in prior presentations so just to clarify you might hear them name different things you've got the Credit Shelter Trust also known as AB Trust or Bypass Trust this is because CST's are essentially Bypass Trusts in which each spouse has a separate quote taxable end quote of state these estates are known as A Trust and B Trusts so the point is that you're trying to maximize when one spouse dies the exemption and so that you get kind of like again compared to the income tax the standard deduction that would be applied to the two individuals rather than just one that would be applied to the second individual when they die Credit Shelter Trusts and Tax Protection CST's are designed so that couples can take full advantage of estate tax exemptions now remember we can think of those exemptions as kind of similar as the standard deductions for the federal income taxes our goal being to maximize the exemption amount of benefit we can get for the two individuals involved in a marriage in 2021 the generation skipping transfer tax GSTT Exemption was $11.7 million for individuals and $23.4 million for couples now remember that when we're thinking about the estate tax we know that if the government tries to apply an estate tax on a wealthy individual the knee-jerk reaction will be for that individual to try to give all their money away right before they die so they don't have anything for the estate taxes on death that means the government's going to be trying to put rules in place tying together the concept of gifts and with the basically the estate taxes also note that these numbers the 11.7 and the 23.4 million can look quite large when you're talking about the average individual so you might say well the average person may not be subject to the estate taxes but a couple things to keep in mind note that the estate taxes and even the income tax when it was first put in place especially the estate tax when it was put in place was thought that it was only going to be applicable to very wealthy individuals which you would think these days would be like billionaires and the 11.7 for example is far from a billionaire or a billion and two we also note that these numbers can change dramatically so when you're doing the estate planning depending on whatever the politics are at the particular time they can change these numbers drastically and to consideration when you're doing your estate planning so it was 11.58 million individual in 2020 and 23.16 million couples so this lasts until December 31st 2025 if Congress doesn't drastically update the tax cuts and jobs act before then so note again they try to put some consistency in it when they put these laws in place they have it going for some point in time but there's been a lot of big swings with regards to some of these limits and we just don't know what's going to happen because politics will depend upon it or it will depend on politics so benefits of credit shelter trusts the credit shelter trust has advantages beyond estate tax planning a CST protects assets of surviving spouse and provides flexibility in distribution asset protection the CST protects the assets of a surviving spouse for example a surviving spouse's assets are susceptible to creditors and possible depletion by children or a new significant other the CST protects the assets from creditors and from being inappropriately used by the surviving spouse for example to pay the debts of a new spouse or their children because now you've got the money that went from the one spouse that died into the trust which has some restrictions on it whereas if it went just to the other spouse then the other spouse has possibly more control to do whatever they want and possibly could be subject to manipulation possibly from another individual or whatever so protecting the testamentary intent of the deceased spouse in a blended family each spouse may want to ensure that their share of the estate is passed to their chosen beneficiaries children from a prior marriage for example and not just to the surviving spouse's beneficiaries so we could have more complex family structures that we want to consider and that could be the trust could be useful to try to care for those kind of needs the CST can help with this flexibility and the trust distribution provisions the trust language can incorporate a limited power of appointment for the surviving spouse thus surviving spouse may distribute the assets among a class of beneficiaries e.g. the issue of the deceased spouse so an example is a child who did not need a special needs trust at the time the trust was drafted but after the decedent spouse's death a special needs trust was preferred in this case the surviving spouse would be able to take the assets to a new special needs trust to provide for that child maximize the deceased spouse's generation skipping tax GST exemption so how can you get the most out of this process the GST exemption is not portable the bypass trust allocate the GST to a GST exempt bypass trust preserving the GST exemption for lifetime children's trusts so protecting growth assets from further estate tax on the surviving spouse's death so in other words when the one spouse dies if the money is going into the trust you've got the exemption at the point in time the money went into the trust but from that point in time until the second spouse dies you would expect them that that money would be growing within the trust and hopefully the growth in that money in the trust is also not subject to the taxation or the estate tax when the second spouse dies because it was in the trust at the point in time of the first spouse so if you have substantial growth after the death of the first spouse because you're investing in assets that are now in the trust that grows substantially then hopefully you can gain a substantial amount of growth which hopefully may not be subject to the estate taxes when the second spouse dies because that was the money that was in the trust not subject to the estate tax at the point of death so we have a 5 million property or stock portfolio can be allocated to the CST on the decedent spouse's death so the portfolio can be used by the surviving spouse and can grow to 8 million then pass free of the estate tax to the bypass trust beneficiaries property tax benefits a distribution to a child from a CST considered a transfer from the decedent spouse and not the surviving spouse the distribution can take advantage of the decedent spouse's 1 million dollar non-resident parent child property tax reassessment exclusion an additional 1 million dollars in reassessment exclusion can benefit spouses who own valuable rental or vacation properties let's take a look at an example of a credit shelter trust suppose a husband and wife who have been married for several years each accumulate an estimate worth of 6 million dollars and the husband sets up a credit shelter trust to be funded upon his death with his share of their combined estate so before death they set up their planning process which includes the credit shelter trust after the husband dies his 6 million dollar estate and any income it generated will be taxed to his wife because it falls below the federal exemption however the transfer boosts the wife's net income to 12 million dollars and pass the estate tax exemption so you can see where the problem is here because if the exemption is at the 12 million then what you want to be able to do is maximize the two people's exemption if it just passes to the wife now she is over the 12 million whereas if you can divide it out it would be under the threshold meaning if you could take advantage of the two exemptions so because these assets were held in the trust outside of the wife's control her taxable estate is still valued at 6 million and still within the state tax exemption so you see what's happening here if you combine them together then at the point in time that the second spouse dies then they're going to be over because you have both of the income together so what you want to be able to do is when the first person dies try to maximize the amount of the exemption that would be applied to them and then possibly the second one dies and only half of it would be subject to the exemption because the other would be in the trust which isn't technically part of the second spouse's estate at that point because it's in that separate legal entity would be the idea thus she can pass on her assets to the state tax when she dies how do I terminate a credit shelter trust there are circumstances where if one spouse is deceased but the surviving spouse is still alive the CST can be modified or terminated either by the trustee alone by the trustee and all the beneficiaries or by going to court consent of the beneficiaries is typically required what happens when a credit shelter trust is depleted in some cases the value of a first decedent gross estate may be reduced by deductions for debts funeral expenses and expenses of administering the estate and it may not be large enough to use the estate tax exemption in full in that event the unused exemption can be preserved for the surviving spouse if the first decedent's executor make a portability election on a timely file form 706 united states estate and generation skipping transfer tax return