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Revocable living trust qtip michigan example form 2025

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The document discusses the conditions under which an executor can elect to treat an individual retirement account (IRA) and a testamentary trust as qualified terminable interest property (QTIP) under § 2056(b)(7) of the Internal Revenue Code. It outlines that if the trustee of the trust is the named beneficiary of the decedent's IRA, and the surviving spouse has the right to compel distributions from the IRA equal to its income at least annually, then both the IRA and trust can be treated as QTIP. The ruling clarifies that this election is valid provided no other person has a power to appoint any part of the trust property to anyone other than the surviving spouse.

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How do I set up a revocable living trust in Michigan?

Use the following steps to set it up. Step 1: Choose between individual or joint trust. Step 2: Decide what property to include in the trust. Step 3: Choose a trustee. Step 4: Decide who will be the trusts beneficiaries. Step 5: Create a living trust document. Step 6: Sign the trust document in front of a notary public.

What is an example of a revocable trust?

You could end up paying from $2,000 to $8,000 to create a trust. If you do use an attorney, make sure you fully understand his or her fee schedule beforehand. Its also wise to find an attorney who specializes specifically in trusts.

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