Missouri Qualified Domestic Trust Agreement
Description
How to fill out Qualified Domestic Trust Agreement?
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FAQ
A qualified domestic trust (QDOT) is a special kind of trust that allows taxpayers who survive a deceased spouse to take the marital deduction on estate taxes, even if the surviving spouse is not a U.S. citizen.
The unlimited marital deduction is a provision in the U.S. Federal Estate and Gift Tax Law that allows an individual to transfer an unrestricted amount of assets to their spouse at any time, including at the death of the transferor, free from tax.
A domestic trust is any trust in which the following conditions are met: (1) A court within the U.S. must be able to exercise primary supervision over the administration of the trust. (2) One or more U.S. persons have the authority to control all substantial decisions of the trust.
For estates that are less than those amounts, no QDOT is needed since no federal estate tax would be due. However, for estates greater than those amounts, no marital deduction will be allowed if the surviving spouse is not a U.S. citizen and does not become a citizen by the time that the estate tax return is filed.
A QDOT (Qualified Domestic Trust) is a trust for the benefit of a surviving non-citizen spouse that defers the federal estate tax following the death of the first spouse. A Qualified Domestic Trust defers the federal estate tax because it qualifies for the unlimited marital deduction.
A Qualified Terminable Interest Property (QTIP) trust is a type of marital trust. They are often used when a grantor has children from different marriages. The surviving spouse still serves as the initial beneficiary.
Tax Consequences The QDOT is generally taxed as a simple trust for income tax purposes. This means that when the trust earns income, it MUST be distributed to the surviving spouse. The surviving spouse is then required to pay the income tax on that income based upon the surviving spouses own tax rates.
A Resident Estate or Trust is: 1) The estate of a decedent who at his or her death was domiciled in this state; or 2) A trust that was created by a will of a decedent who at his or her death was domiciled in this state, and has at least one income beneficiary who, on the last day of the taxable year, was a resident of