Definition Qtip Trust With Charitable Remainder
Description
How to fill out Inter Vivos QTIP Trust With Principal To Donor's Children On Spouse's Death?
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FAQ
Section 2056(b) provides that no marital deduction is allowed with respect to certain property interests, referred to generally as ?terminable interests?, passing from a decedent to his surviving spouse. The phrase ?terminable interest? is defined in paragraph (b) of this section.
A ?terminable interest? in property is an interest which will terminate or fail on the lapse of time or on the occurrence or the failure to occur of some contingency. Life estates, terms for years, annuities, patents, and copyrights are therefore terminable interests.
John and Mary are in their second marriage. John has children from his first marriage and wants to ensure they inherit his estate after his and Mary's death. He creates a QTIP Trust which will provide Mary with income for life after his death, and upon Mary's death, the remaining assets will go to his children.
Under a QTIP trust, income is paid to a surviving spouse while the balance of the funds is held in trust until that spouse's death. At that point, the remainder is paid to the beneficiaries specified by the grantor.
Ruling 77-374. If an individual establishes a charitable remainder trust for his or her life only, the trust assets will be included in his or her gross estate under IRC section 2036. The amount included, however, will ?wash out? as an estate tax charitable deduction under IRC section 2055.