What Is a QTIP Trust?

The acronym QTIP may conjure certain images outside of an estate planning context. For our purposes as estate planning attorneys, the acronym stands for a qualified terminable interest property trust. This type of trust can be useful if you are a parent who is getting remarried. Protecting Your Children If you are getting remarried as a parent, you may have estate planning concerns. Clearly, you want to make sure that you provide resources for your new spouse to draw from after you are gone if you do in fact die first. At the same time, you never know what the future may hold. Your surviving spouse could get remarried, and he or she may not be particularly passionate about making sure that your children are provided for after your passing. To account for this type of situation, you could create a QTIP trust. The way that it works is you fund the trust, and you name a trustee to administer the trust after you pass away. It would be possible to name an individual that you know personall


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s