Vivos Qtip Donors Document Format
Description
How to fill out Inter Vivos QTIP Trust With Principal To Donor's Children On Spouse's Death?
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FAQ
A reverse QTIP trust operates the same way as a QTIP trust, with the exception being the decedent allocates his or her remaining generation-skipping transfer (GST) tax exemption to the assets funding the reverse QTIP trust.
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.
One disadvantage is that the grantor cannot change their mind about the trust after it has been created. Another disadvantage is that the trustee must manage the property following the terms of the trust, which can be complex. Finally, a QTIP trust can be expensive to set up and maintain.
An inter vivos (during lifetime) trust is created and funded when both spouses are still living. The grantor spouse, usually the wealthier of the pair, puts property into the trust for the benefit of the beneficiary spouse to be used during their lifetime.
In QTIP trust, estate tax is not assessed at the point of the first spouse's death but is determined after the second spouse has passed. A QTIP trust is established by making a QTIP trust election on the executor's tax return.