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What is qualified terminable interest property IRS?

In general, qualified terminable interest property is property in which the spouse receives a qualifying income interest for life, Page 4 - 4 - and with respect to which the executor makes an election to treat the property as QTIP.

What is an example of a marital deduction trust?

An example of when a marital trust might be used is when a couple has children from a previous marriage and wants to pass all property to the surviving spouse upon death, but also provide for their individual children.

How does marital deduction work?

The unlimited marital deduction is a provision in the U.S. Federal Estate and Gift Tax Law that allows an individual to transfer an unrestricted amount of assets to their spouse at any time, including at the death of the transferor, free from tax.

What is a marital deduction trust?

A marital deduction trust is a trust where transfers of property between married partners are free of federal transfer tax. A marital deduction trust can take one of two forms: A life estate coupled with a general power of appointment given to the spouse, or. A Qualified Terminable Interest Property (QTIP) trust.

What is the difference between a QTIP and a marital deduction trust?

Unlike with a QTIP trust, the surviving spouse typically has complete control over a marital trust, including use of the trust assets and final say on designating who the final beneficiaries are. A QTIP trust offers more control to the grantor but less control to the surviving spouse compared to marital trust.

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