Balance competing goals with a QTIP trust
Abstract: Estate planning can be a delicate balancing act. People want to provide for their spouses, but they also want to preserve a significant amount of wealth for their children. They want to minimize federal gift and estate taxes, but also maintain control over their assets during their lives. A qualified terminable interest property (QTIP) trust is a versatile tool that can help people strike a balance between these often competing goals. This article discusses the ins and outs of a QTIP trust.