Trust Lawyer Danbury, CT
There are a number of choices for types of trusts which offers flexible options, but it can be confusing for those who do not work with a seasoned trust lawyer. Because there are possible tax obligations, it’s important to make the right decisions. A trust lawyer will be pleased to meet with you and provide a full understanding of your trust options to ensure your legacy is protected. Below is some general information about one type of trust known as a Qualified Terminal Interest Property (QTIP) Trust.
Using a QTIP Trust to Transfer Property to a Spouse
In some situations, an individual may wish to create a QTIP Trust in order to transfer property to a surviving spouse but only as long as certain conditions are met. In this way they can control to whom the property is ultimately distributed. This makes it possible to retain the tax advantages of a trust while reducing the possibility of assets having to pass through probate, and still being able to control who inherits the assets and under what conditions. For many people, this is an ideal solution and a trust lawyer can help you determine if it’s the best choice for you as well.
As an example of when a QTIP Trust may be beneficial, if you were to create one with the help of our trust lawyer, you will transfer your assets to the trust. This enables you to retain control of those assets for the remainder of your lifetime. Upon your passing, if you have specified that the assets should pass to your surviving spouse, they can do so directly without having to pass through probate. This allows you to enjoy the marital deduction which would not be possible should you simply directly turn the assets over to your spouse during your lifetime. Avoiding probate will be of benefit to your surviving spouse because it saves them time and money.
What is unique about a QTIP Trust is that you can specify certain requirements that must be met in order for your surviving spouse to inherit the trust’s assets. For instance, if you do not want your surviving spouse to eventually transfer those assets to a future spouse or other individuals, you can require that they can never distribute the assets. Those assets will then remain with them until their death and at that time become part of their estate.
A Law Firm Caters Estate Planning Legal Services to the Individual
Everyone is different because of the unique combination of family circumstances, financial health, goals, and the legacy they wish to leave behind. A trust lawyer Danbury, CT trusts can sit down with you and provide solutions that work best for you—call today to schedule a consultation to learn more about how they can serve you.
Contact Sweeney Legal, LLC for their insight into estate planning and QTIP trusts.