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Qualified domestic trust: This arrangement allows surviving spouses who aren’t U.S. citizens to take the marital estate tax deduction. Credit shelter trust: This kind of trust is designed to ...
The "credit shelter trust" generally only works for married couples since (a) the tax code provides the opportunity to shift assets between married persons for an unlimited amount by means of the unlimited marital deduction; and (b) unmarried persons attempting to do the same would be impacted by the "gift tax" during life.
Credit shelter trusts are created after the first spouse dies. Assets are passed tax-free to other beneficiaries after the second spouse dies.
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QTIP trust is a type of trust and an estate planning tool used in the United States. "QTIP" is short for "Qualified Terminable Interest Property." A QTIP trust is often used in order to take advantage of the marital deduction and still control the ultimate distribution of the assets at the death of the surviving spouse.
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