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Qtip

QTIP or qualified terminable interest property trust or marital QTIP trust is a trust designed to provide a surviving spouse with income for the remainder of their life. In this type of trust the surviving spouse receives an income from the assets that are placed in a trust. In this way, the surviving spouse is able to avoid estate taxes and still have an income from their spouse. The surviving spouse has no controlling interest in the trust and cannot access the principle property in the trust. Upon their death, the property or assets in the trust are passed on to the beneficiaries named by the first passing spouse. When the second spouse does pass away, the assets in the QTIP are subject to estate taxes.

Fast Facts

QTIP trust forms and documents vary from state to state which makes it vitally important to seek out an estate attorney when planning a QTIP trust.
Typically, the beneficiaries of a QTIP trust are the couples children. This does not change if the second spouse remarries. The children of the first spouse remain the beneficiaries.

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Philip J. Hoskins, Attorney at Law

10940 Wilshire Blvd 140

Los Angeles, CA 90024

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Law Offices of Darrell C. Harriman

8912 Haskell Avenue

North Hills, CA 91343

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Attorneys.com - Wills & Trusts

125 Park Avenue

New York, NY 10017

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Hinojosa & Wallet LLP

2215 Colby Avenue

Los Angeles, CA 90064

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