Home Page | Back to Grantor Trusts
Revocable Living Trusts                 Trust Portfolios   
 
 02) Married Person QTIP Trust
  • The Married Person Qualified Terminable Interest Property (QTIP) RLT provides the same benefits as the Single Person Basic Trust and a few additional features.

  • It is a Sole-Grantor Trust designed for a married individual.

  • The grantor manages his sole and separate property and any one-half undivided interest in marital (community or tenants-in-common) property in the trust.

  • Any estate value exceeding the tax exemption equivalent amount may qualify for the marital deduction (the QTIP portion) and shall be held in-trust for the lifetime benefit of the grantor’s spouse.

  • Neither the QTIP nor the credit shelter portion are under the surviving spouse's control - unless the Grantor permits spousal administration.

  • At the death of the surviving spouse, the entire trust estate will be distributed to grantor’s designated beneficiaries.

  • It should be noted that the QTIP portion is in the spouse’s estate, not the grantor’s estate, for transfer tax purposes.

  • Any of the spouse’s remaining tax credit can be applied against any transfer tax liability of the grantor’s QTIP trust estate.


         
    << Previous Page   1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15
    16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33  Next Page >>