What is a QTIP trust?
A qualified terminable interest property trust (Q-Tip Trust) is a marital trust for which a federal estate tax election can be made so as to qualify the trust property for the marital deduction. A Q-T...
Trusts – Reducing Tax Liability
What is a qualified personal residence trust (QPRT)?
A QPRT, qualified personal residence trust, is a form of grantor retained income trust. The purpose of this type of trust is to place assets into an irrevocable trust and only grant the income from th...
What is a Totten trust?
A Totten trust is not actually a type of trust at all. In fact, it is a type of payable on death account that is payable to another after the demise of the account owner. The Totten trust earned its n...
What is a Crummey trust?
Crummey is the name of a taxpayer who succeeded getting an annual exclusion by establishing a trust containing withdrawal rights for the benefit of minor children. A Crummey trust is a special form of...
What is a bypass trust?
A bypass trust is a trust designed to contain property that bypasses the surviving spouse's estate thereby avoiding inclusion in that later estate. Bypass trusts are especially useful for spouses with...
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