Qualified Terminable Interest Property Trust

A Will or Revocable Living Trust may contain an election to treat property set aside for the surviving spouse as qualified terminable interest property ( “Q-Tip” property).The election is used by married couples to avoid or minimize federal estate tax and to provide for the support of the surviving spouse. The trust into which the property is placed is referred to as a Q-Tip Trust. No estate tax is paid on the Q-Tip trust property at the death of the first to die to which the election is made. After the date of death, the Internal Revenue Code allows the executor to decide and make an election as to how much of the Q-Tip trust will be protected from taxation through the marital deduction and how much will be protected from taxation through the applicable exclusion. This election allows the executor certain post-mortem estate planning choices to decrease or eliminate the federal estate tax burden on the family. Mr. Raines is experienced in drafting trust agreements that contain Q-Tip Property and can help you draft your trust to protect your interests and allow your property to be managed and disposed of as your wish.

Thomas E. Raines, PC represents clients throughout the Atlanta metro area: Fulton County, Cobb County, Clayton County, Dekalb County, Forsyth County, and Gwinnett County, including the cities of Norcross, Alpharetta, Roswell, Sandy Springs, Johns Creek, Marietta, Decatur, Lilburn, Lawrenceville, and Cumming. Contact Thomas E. Raines, PC today.