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QTIP Trusts

Posted on May 16, 2017 in asset protection,estate planning,Firm News,taxes,trust

A Qualified Terminable Interest Property (QTIP) Trust is a trust that enables the grantor to look after his or her current spouse and ensure that the assets from the trust are then passed on to beneficiaries of the grantor’s choice, such as children from a grantor’s previous marriage. In addition to providing the living spouse with a source of funds, a QTIP Trust also limits death and gift tax burdens on the surviving spouse. QTIP Trusts also prevent assets from transferring to a surviving spouse’s new spouse, should they choose to remarry.