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For example, Joe would like Mary to have access to his assets after his death, and for his estate to benefit from the marital deduction he would receive if he gave his assets outright to Mary. However, Joe does not want to take the chance that after his death Mary might give the property to beneficiaries that Joe does not like, perhaps her relatives or a new husband. A QTIP trust can be used to obtain the marital deduction, while retaining the right to control who will eventually receive the property when the surviving spouse dies.

If the QTIP trust requirements are met, property can be transferred into a trust for the benefit of the surviving spouse. Because of the unlimited marital deduction that will be allowed for this special kind of trust, the property will not be taxed in the estate of the spouse who dies first. The surviving spouse will have to include the QTIP property in his/her estate, the same result that would occur if the property would be given outright to the surviving spouse. However, the QTIP trust provisions (not the surviving spouse) will dictate the distribution of the QTIP assets at the death of the surviving spouse.

 

Please note: This page offers general legal information, not but not legal advice tailored for your specific legal situation. Rocket Lawyer Incorporated isn't a law firm or a substitute for one. For further information on this topic, you can Ask a Legal Pro.


Written and Reviewed by Experts
Written and Reviewed by Experts
This article was created, edited and reviewed by trained editorial staff who specialize in translating complex legal topics into plain language.

At Rocket Lawyer, we believe legal information should be both reliable and easy to understand—so you don't need a law degree to feel informed. We follow a rigorous editorial policy to ensure every article is helpful, clear, and as accurate and up-to-date as possible.

About this page:

  • This article was written and reviewed by Rocket Lawyer editorial staff
  • This article was last reviewed or updated on Sep 23, 2022

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