Qualified Terminable Interest Property (QTIP) Trusts
Estate tax laws permit an unlimited deduction for gifts made to a spouse. A QTIP trust grants the surviving spouse a lifetime right to the income. However, upon the death of the surviving spouse the remainder of the QTIP passes to beneficiaries specified by the first to die. QTIP trusts are used by married couples who want to take advantage of the unlimited marital deduction while at the same time assuring that the couple’s assets pass to the children upon the death of the survivor. QTIP planning is especially useful in subsequent marriages. A properly drafted QTIP trust qualifies for the unlimited marital deduction even though the surviving spouse never receives outright access to the assets. The services of a skilled estate planning attorney can help individuals achieve their goals and minimize the estate tax consequences. The mission of the Homer Law Firm is to provide clients with competent, confidential, and ethical legal services at an affordable price. To schedule an appointment, contact us today at(630) 428-3311. Regular office hours are Monday through Friday from 9:00 a.m. to 5:00 p.m. Saturday and evening appointments are available on request.