net and hosts a show called QTips
on YouTube, which educates viewers on local Arabic customs.
Pennell, 843-2nd Estates Gifts, and Trusts Portfolios, Estate Tax Marital Deduction (Tax Management 2007), A-83 to A-84, for a discussion of formula elections and examples which can be adapted for Illinois QTIPs
are often exercised in second marriage scenarios where the wealthier spouse wants to allow for the survivor to live comfortably after his or her death, but also wants the remainder to go to the children from the first marriage.
A review of extrinsic evidence, correspondence between the decedent and his attorney and the succession of earlier wills indicated Charles was knowledgeable about estate tax laws, had created and revoked QTIPs
under earlier wills, had not wished to relinquish control of assets to minimize estate taxes and was aware of the value of his estate after taxes as structured in the 1993 will.
The chapter discusses popular estate-planning tools, such as QTIP
elections, unified credit shelter trusts, disclaimers, private annuities, qualified personal residence trusts, direct payment of college expenses, and use of newer insurance products, as well as some less familiar devices, including gifts to [section] 529 plans and Clayton QTIPs
are not a good estate planning tool for second marriages if there are children from a prior marriage.
New features include IRC Chapter 14 -- Special Valuation Rules and its effect on value freezing as well as a new marital deduction chapter detailing the latest developments affecting QTIPS
The Product Locator is being utilized on the following Unilever web sites: Ben & Jerry's, Bertolli, Brummel and Brown, Caress, Country Crock, Cup a Soup, Degree, Dove, Finesse, Good-Humor/Breyers, Hellmann's Homebasics, I Can't Believe It's Not Butter, Knorr, Lawry's, Lever 2000, Lipton Tea, Ponds, Promise, Qtips
, Ragu, Recipe Secrets, Skippy, Slim Fast, Snuggle, Soup Secrets, Suave, Take Control, Thermasilk, Vaseline, Wish-Bone, Western, Wisk, and Unilever USA.
25) IRS Letter Ruling 9925027 (3/25/99); see Easton, "Recent Developments in QPRTs and QTIPs
," 31 The Tax Adviser 416 (June 2000).
The recent Revenue Ruling 2000-2 on qualified terminable interest property trusts (QTIPs
) is consistent with the Treasury regulations that have governed QTIPs
for many years and renders the much-contested Revenue Ruling 89-89 obsolete.
Although gift and generation-skipping taxes, QTIPs
and late filings are among the most common liability risks to CPAs, there are many other subtleties to estate tax law.
A major aspect of estate planning for high-net-worth individuals is the proper use of the marital deduction, including use of bypass trusts and QTIPs
, to keep the total estate taxes for both spouses to a minimum.