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Inter Vivos QTIP Trust with Principal to Donor's Children on Spouse's...

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Name: Inter Vivos QTIP Trust with Principal to Donor's Children on Spouse's Death
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.56 (369 reviews)

Category:

Trusts - QTIP

State:

Multi-State

Control #:

US-02630BG

Format:

Instant download

Description Trust Children Form Download

A trust is a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property. An inter vivos trust is a trust that becomes effective during the lifetime of the person creating the trust (the settler or trustor).

A qualified terminable interest property trust, often referred to as a "QTIP" trust, allows a bequest to a spouse in trust that, after a proper election by the beneficiary spouse, qualifies for the unlimited marital deduction:

" if the beneficiary spouse is entitled to all of the income from the trust property,
" if the income is payable annually or at more frequent intervals, and
" if no person, including the beneficiary spouse, has the power to appoint any part of the qualifying property to any person other than the beneficiary spouse during the beneficiary spouse's lifetime.

In order that the property transferred to a surviving spouse by means of an inter vivos marital deduction trust qualify for the marital deduction, the property must be includible in the trustor's gross estate for federal estate tax purpose.

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Qtip Trust Sample Other Form Names

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Trust All Name FAQ

A qualified terminable interest property (QTIP) enables the grantor to provide for a surviving spouse and maintain control of how the trust's assets are distributed once the surviving spouse dies.

Conversely, a QTIP trust provides limited access to the trust assets for a surviving spouse. Although your spouse may receive income from the trust, he or she cannot decide on the ultimate disposition of the trust assets and cannot withdraw principal from the trust.

A reverse QTIP election permits the executor of the first spouse to die to elect that the QTIP trust will continue to be treated, for purposes of the GST, as property transferred by the first spouse to die, even though the trust property is otherwise treated as belonging to the surviving spouse for estate and gift tax

Another consequence of this QTIP election is that the assets in the QTIP trust remaining upon the surviving spouse's death are included in the surviving spouse's estate for federal estate tax purposes and, as a result, also obtain a step-up (or step-down) in income tax basis upon the surviving spouse's death (thereby

The remainder beneficiary is the person who receives the trust assets upon the surviving spouse's death. QTIP trusts are irrevocable, meaning they can't be modified.

Assets that have been conveyed into a revocable living trust do get a step-up in basis when they are distributed to the beneficiaries after the passing of the grantor. We should point out the fact that the beneficiaries would be responsible for any future appreciation from a capital gains perspective.

Unlike a bypass trust, the surviving spouse has complete control over the property and can spend it, bequeath it to beneficiaries, or give it away as gifts. No estate tax is imposed on this property because everything left to the surviving spouse is free from estate tax.

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.

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