Basic Questions About Estate Planning – What is a QTIP Trust?

A QTIP trust, or Qualified Terminable Interest Property trust, is a useful estate planning tool suitable for some people in specific circumstances. Like many other types of trusts, QTIP trusts allow you some specific abilities that you otherwise do not receive should you own property as an individual or as a joint owner. QTIP trusts are often included in estate plans created by people in blended family situations because people want to preserve inheritances for their spouses and for children from a previous relationship. Today we are going to ask several questions about what a QTIP trust is, what it does, and how it might benefit you. QTIP Trusts A QTIP trust is, like any other trust, designed to allow specific people the benefit of using or having access to property, while at the same time not being the legal owner of that property. When you craft a QTIP trust you will take some of your property and transfer it into the trust s name. (Note, you can make this transfer either while you
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