Qualified Domestic Trust Sample With Example
Description
How to fill out Qualified Domestic Trust Agreement?
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FAQ
To legally be a QDOT, a trust must be a US trust that meets the following requirements: It must be structured as a power of appointment trust, a qualified terminable interest property trust (QTIP trust), a qualified charitable remainder trust (qualified CRT), or an estate trust.
A trust is domestic if. (1) ?[a] court within the United States is able exercise primary supervision over the administration of the trust? (court test) and. (2) ?[o]ne or more United States persons have the authority to control all substantial decisions of the trust? (control test).
What Is an Example of a QDOT Trust? For example, if the tax bill on your estate amounts to $15 million upon your death, a QDOT prevents that $15 million from immediately going to the government when your estate tax return is filed.
For purposes of the regulations in this chapter, the term domestic trust means a trust that is a United States person. The term foreign trust means any trust other than a domestic trust.
A QTIP (qualified terminable interest property) is a special kind of trust that allows married people to control distribution of assets to their spouses while still taking advantage of the marital deduction. A QDOT allows the same, but is usually used by couples that have one U.S. citizen and one non-citizen spouse.