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

Franklin Ohio Inter Vivos QTIP Trust with Principal to Donor's Children on Spouse's Death

Category:

Trusts - QTIP

State:

Multi-State

County:

Franklin

Control #:

US-02630BG

Format:

Instant download

Description

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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FAQ

The QTIP trust terminates when the surviving spouse dies, and the assets are distributed to the final beneficiaries. The trust assets are counted as part of the gross estate of the surviving spouse and taxes must be paid if it is valued over the exemption limit.

A qualified terminable interest property trust ("QTIP trust") allows a spouse to give a life estate in property to his or her spouse without incurring the federal gift tax. The donee (recipient) spouse has an income interest in the trust and does not have a power of appointment over the principal.

QTIP Trusts function almost the same as Marital Trusts. They're both irrevocable trusts that can only name the surviving spouse as beneficiary during that spouse's lifetime. However, the major distinction between the two is that with a QTIP Trust, the grantor of the trust maintains control of it, even after death.

You can also name your surviving spouse as a Trustee. However, keep in mind that will give them broad access to the assets in the Trust, which may defeat the purpose of setting up a QTIP at all.

Two of the more popular trusts are the Qualified Terminable Interest Property trust (QTIP) and the marital gift trust. Both of these trusts are considered credit shelter trusts because they preserve the estate tax exemption of the donor to be utilized at a later date by the trust beneficiaries.

Depending on the principal invasion standard and nature of assets in the trust, the surviving spouse may be able to act as her own trustee over the QTIP. There are a multitude of reasons why a QTIP trust may make sense for your estate plan.

Yes, but naming the surviving spouse, as a Trustee should be done only after reviewing all the facts and counseling with your advisors. In a first time marriage where both spouses have great confidence in each other, it is common for the surviving spouse to be designated as a Trustee of the Family and Marital Trusts.

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.

QTIP trusts are put to use in estate planning and are especially useful when beneficiaries exist from a previous marriage but the grantor dies before a subsequent spouse does. With a QTIP, estate tax is not assessed at the point of the first spouse's death, but is instead determined after the second spouse has passed.

When you set up a QTIP, you must name a trustee as well as beneficiaries. You can name your spouse to be the trustee, choose one of your adult children, or pick a disinterested third party.

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