Tag Archives: QTIP Trust

Portability of Estate Tax Exclusion — Did Congress Guild the Lily?

View in PDF:   Tax News & Comment — February 2013 I.     Introduction As part of the 2010 Tax Act, Congress enacted a statute allowing a surviving spouse to utilize the unused portion of the predeceasing spouse’s lifetime estate tax … Continue reading

Posted in Estate Planning, Gift Tax Planning, Lifetime Exclusion, Portability | Tagged , , , , , , , , , , , , , , , , , , , , , , ,

Portability of Estate Tax Exclusion — Did Congress Guild the Lily?

View in PDF:   Tax News & Comment — February 2013 I.     Introduction As part of the 2010 Tax Act, Congress enacted a statute allowing a surviving spouse to utilize the unused portion of the predeceasing spouse’s lifetime estate tax … Continue reading

Posted in Estate Planning, Lifetime Exclusion, Portability | Tagged , , , , , , , , , , , , , , , , , , , ,

Marital Deduction Planning

By making a QTIP election, the Executor will enable the decedent’s estate to claim a full marital deduction. To qualify, the trust must provide that the surviving spouse be entitled to all income, paid at least annually, and that no person may have the power, exercisable during the surviving spouse’s life, to appoint the property to anyone other than the surviving spouse. Since the Executor may request a 6 month extension for filing the estate tax return, the Executor in effect has 15 months in which to determine whether to make the QTIP election. Continue reading

Posted in Estate Planning, Marital Deduction, Marital Deduction Trusts, Trusts | Tagged , , , , , , ,