As previously discussed, there are five standard forms of trusts. Each type has advantages and disadvantages, which you should discuss with your estate-planning attorney. The fifth type is as follows:
Qualified terminable interest property trust: If you're part of a family where there have been divorces, remarriages and stepchildren, you may want to direct your assets to particular relatives through a qualified terminable interest property (QTIP) trust.
Your surviving spouse will receive income from the trust, and the beneficiaries you specify (e.g., your children from a first marriage) will get the principal or remainder after your spouse dies. People typically use QTIP trusts to ensure that a fair portion of their wealth ultimately passes to their own children.
Original Source: CNN Money, Money Essentials
Bradford Miller Law, P.C. can prepare all your legal estate planning documents. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. At www.bradfordmillerlaw.com you can find helpful information regarding Estate Planning and information about our firm. Give us a call at 312-238-9298 for a FREE 15-minute consultation.
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