Definition Qtip Trust With Clayton Election
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FAQ
The special QTIP trust can save the day. Legally, to qualify as a QTIP trust, the trust is required to pay all of its income to the spouse beneficiary, and there can't be any other beneficiaries during that spouse's lifetime.
A Clayton Election trust is a type of revocable married couple trust that creates some tax flexibility for medium to larger sized estates. It includes the option to create an irrevocable QTIP trust and/or Bypass trust when the first spouse dies.
Although complex in nature, a QTIP trust may be an important component of any estate plan where flexibility regarding the timing of estate tax payments and the assurance that assets will ultimately pass to your family are your primary objectives.
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.
To create a QTIP trust, you'll make a QTIP election on IRS estate tax return form 706. List the chosen assets (called the ?qualified terminable interest property?) and their value on Part A of Schedule M. There are a few requirements: The surviving spouse must be a U.S. citizen.