Vivos Qtip Donors Document Without Comments
Description
How to fill out Inter Vivos QTIP Trust With Principal To Donor's Children On Spouse's Death?
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FAQ
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.
Beneficiaries could be children from the grantor's first marriage, other family members, or friends. Aside from providing the living spouse with a source of funds, a QTIP trust can also help limit applicable death and gift taxes.
Instead of using each other's estate tax exemptions as in a Lifetime QTIP Trust, a Lifetime SLAT uses each spouse's own exemptions. In this case, a spouse would make a gift to a SLAT in order to lower his or her taxable estate.
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.
QTIPs are estate planning tools that couples can use for two primary purposes: to protect certain beneficiaries financially if a surviving spouse remarries or has other children, and to reduce estate taxes (though estate taxes typically apply to large estates only).