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 02) Married Person QTIP Trust
  • The Married Person Qualified Terminable Interest Property (QTIP) RLT provides the same benefits as the Single Person Basic Trust and a few additional features.

  • It is a Sole-Grantor Trust designed for a married individual.

  • The grantor manages his sole and separate property and any one-half undivided interest in marital (community or tenants-in-common) property in the trust.

  • Any estate value exceeding the tax exemption equivalent amount may qualify for the marital deduction (the QTIP portion) and shall be held in-trust for the lifetime benefit of the grantorís spouse.

  • Neither the QTIP nor the credit shelter portion are under the surviving spouse's control - unless the Grantor permits spousal administration.

  • At the death of the surviving spouse, the entire trust estate will be distributed to grantorís designated beneficiaries.

  • It should be noted that the QTIP portion is in the spouseís estate, not the grantorís estate, for transfer tax purposes.

  • Any of the spouseís remaining tax credit can be applied against any transfer tax liability of the grantorís QTIP trust estate.


         
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