Q, prominent on the website iloveqatar.net and hosts a show called QTips
on YouTube, which educates viewers on local Arabic customs.
See Pennell, 843-2nd Estates Gifts, and Trusts Portfolios (cited in note 14), for a discussion of Clayton QTIPs
and other marital deduction drafting techniques.
may also be used to protect a financially unsophisticated spouse from being taken advantage of or frittering away an inheritance due to a lack of understanding of the financial markets.
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 text reflects chapters 11, 12 and 13 of the Internal Revenue Code including the latest changes by time of publication.
(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.
2056(b)(7) provides an exception to the terminable interest rule for QTIPs
. This exception allows the estate of the first spouse to die to obtain a marital deduction for property, even though the surviving spouse has no control over the property's ultimate disposition.