EFTA Document EFTA01448420

John's will creates a credit shelter trust that equals the $1 million New York exclusion. He leaves the balance of his $10 million estate - or $9 million - to a trust for Abby that is eligible for the QTIP election (in other words, the qualified terminable interest trust is only for Abby, and she gets all the income: the election will postpone tax at John's death, and what remains of the trust at Abby's death will be taxable in her estate). John dies in 2013, and the New York credit shelter