New Mexico Qualified Domestic Trust Agreement
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FAQ
A domestic trust is any trust in which the following conditions are met: (1) A court within the U.S. must be able to exercise primary supervision over the administration of the trust. (2) One or more U.S. persons have the authority to control all substantial decisions of the trust.
A QDOT (Qualified Domestic Trust) is a trust for the benefit of a surviving non-citizen spouse that defers the federal estate tax following the death of the first spouse. A Qualified Domestic Trust defers the federal estate tax because it qualifies for the unlimited marital deduction.
A QDOT only protects the assets of decedents who have died after November 10, 1998. In addition, at least one trustee of the QDOT must be a U.S. citizen or a domestic corporation authorized to retain estate tax.
A Qualified Terminable Interest Property (QTIP) trust is a type of marital trust. They are often used when a grantor has children from different marriages. The surviving spouse still serves as the initial beneficiary.
A qualified domestic trust (QDOT) is a special kind of trust that allows taxpayers who survive a deceased spouse to take the marital deduction on estate taxes, even if the surviving spouse is not a U.S. citizen.
For estates that are less than those amounts, no QDOT is needed since no federal estate tax would be due. However, for estates greater than those amounts, no marital deduction will be allowed if the surviving spouse is not a U.S. citizen and does not become a citizen by the time that the estate tax return is filed.
A domestic trust is any trust in which the following conditions are met: (1) A court within the U.S. must be able to exercise primary supervision over the administration of the trust. (2) One or more U.S. persons have the authority to control all substantial decisions of the trust.
Under a QTIP, income is paid to a surviving spouse, while the balance of the funds is held in trust until that spouse's death, at which point it is then paid out to the beneficiaries specified by the grantor.
This is called "making a QDOT election" and is irrevocable. The return must be filed nine months after the death. The surviving spouse is entitled to receive any income earned by trust assets, and typically, all income is distributed to the survivor at least annually.
