Complex Will with Credit Shelter Marital Trust for Large Estates - Maine: Fill out & sign online

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Is a QTIP trust the same as a credit shelter trust?

Two of the more popular trusts are the Qualified Terminable Interest Property trust (QTIP) and the marital gift trust. Both of these trusts are considered credit shelter trusts because they preserve the estate tax exemption of the donor to be utilized at a later date by the trust beneficiaries.

What is the difference between a credit trust and a marital trust?

Credit Shelter Trust vs Marital Trust - Is a Marital Trust the Same as a Credit Shelter Trust? No. A Marital Trust is a type of Credit Shelter Trust. You and your spouse can use a Marital Trust to pass assets to a surviving spouse, children or grandchildren.

What does QTIP trust mean?

Primary tabs. Qualified Terminable Interest Trust (QTIP Trusts) are an estate planning tool used to maximize a couples applicable exclusion amounts while qualifying for the marital deduction. Full property interest transfers to spouses do not trigger most gift or estate taxes under the marital deduction.

When must QTIP election be made?

Many planners are of the understanding that a QTIP election must be made for a testamentary trust on a federal estate tax return that is timely filed within 15 months following the decedents date of death (the general deadline of 9 months following the decedents date of death, plus a 6 month automatic extension).

What type of trust is a QTIP trust?

A QTIP trust is an irrevocable trust that pays income generated from the assets to a spouse. When that spouse dies, the assets pass to the beneficiaries named by the grantor.

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