What Is The Qtip Trust?
QTIP trust stands for the qualified terminable interest property trust. It allows certain property to qualify for an estate and gift tax marital deduction even though it ordinarily would not qualify for such tax deductions. One type of QTIP property that can qualify for a marital tax deduction are trusts which provides income to a surviving spouse for life and after the spouse dies the remainder goes to the children. Please contact an attorney if you would like more information about this type of trust.
Other Wills and Trusts FAQs
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Q:
What Are Some Of The Disadvantages Of Using Preprinted Will Forms?
A: Preprinted will forms usually do not fulfill the needs of the person writing the will. Also, if part of the form is preprinted, part of it is typed and another part of … More -
Q:
What Are Some Guidelines In Writing Up A Will?
A: The following are some guidelines in writing up a will. The first one is to try to avoid using preprinted forms. The second one is to use the same typewriter and … More -
Q:
What Are Some Of The Various Types Of Wills?
A: There are various types of wills. An ambulatory will is a will that a person can change during that person`s lifetime. A double will is one in which two people join … More -
Q:
Under What Circumstances Can An Adopted Child Inherit From A Parent When The Parent Left No Will?
A: Adopted children are considered children of their adopted parents for purposes of inheriting from an estate where there was no will. Adopted children can only inherit … More -
Q:
Can Children Inherit From A Foster Parent Or Stepparent Who Died Without A Will?
A: A child can inherit from a foster parent or stepparent, who died without a will, even though the foster parent or stepparent did not adopt the child if the following … More -
Q:
What Is A Codicil?
A: A codicil is a document that is used to explain, change, add to, or take away from, the existing will. It is not meant to contain the entire will itself, nor is it … More -
Q:
When Should A Will Be Changed?
A: A person should change one`s will when one marries, becomes a parent, gets divorced, moves to another state (since one`s will must be probated in the state one lived … More -
Q:
What Is A Simultaneous Death And Common Disaster Provision?
A: Simultaneous Death and Common Disaster Provision is a clause that is usually included in the wills of husbands and wives. The clause provides that when it is … More -
Q:
Are There Provisions That Cannot Be Put In One's Will?
A: Generally speaking the courts will allow a provision in a will as long as that provision does not violate public policy. Therefore, it is likely a court will allow one … More
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