QTIP Elections: How and When to Make QTIP, Partial, Clayton, and Reverse Elections
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will review qualified terminable interest property (QTIP) elections, including the reverse, partial, Clayton, and the interplay of the QTIP election with the DSUE. Our trust and estate tax expert will explain how to utilize QTIP elections to maximize taxpayers' federal estate tax and GST exemptions and report each election on the appropriate returns.
Outline
- Qualified terminable interest property: introduction
- QTIP trusts as an effective estate planning technique
- How to qualify for QTIP treatment
- Elections
- QTIP election and the DSUE
- Partial
- Clayton QTIP Election
- Reverse QTIP Election
- QTIP trusts and the non-citizen spouse
- Other uses of QTIP trusts
- Reporting the QTIP trust
- Form 709
- Form 706
Benefits
The speaker will cover these and other critical issues:
- When and how a spouse should make a QTIP election on Form 706, U.S. Estate and GST Tax Return
- Coordinating the benefits of portability with a QTIP election
- Making a reverse QTIP election to utilize a taxpayer's GSTT exemption
- How to report qualified terminable interest property on Schedules M and RO of IRS Form 706
- Which trusts qualify as QTIP trusts?
Faculty
I. Richard Ploss
Counsel
Porzio, Bromberg & Newman
Mr. Ploss is a member of the firm's Trusts and Estates Department. He concentrates his practice primarily on... | Read More
Mr. Ploss is a member of the firm's Trusts and Estates Department. He concentrates his practice primarily on estate planning for high net worth individuals and their businesses, estate administration, probate litigation and fiduciary income taxation in New Jersey and throughout the East Coast. He has extensive experience advising individual clients in the areas of wealth transfer planning and the preparation of estate planning documents. He is a Certified Public Accountant (CPA) in the state of Georgia, a Certified Financial Planner (CFP) and a Professional Registered Trust and Estate Practitioner. He frequently publishes articles and speaks on trust and estate matters and currently serves as an Adjunct Professor, teaching Trusts & Estates at the University of Maine Law School.
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