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Basics of Marital Trusts and the Qualified Terminable Interest Property (QTIP) election

  • AFSP
  • CPA (US)
  • EA
  • ORTP
  • CRTP
  • Maryland Tax Prep.
  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Course Description

Many estate plans for married couples utilize the estate tax or gift tax marital deduction to defer estate tax until both spouses are deceased.

However, direct transfers to a spouse may not be optimal from an income tax and transfer tax perspective, and such distributions can be risky in the event of remarriage or blended family. For this reason, it is common for one spouse to create a marital trust for the other spouse, which is eligible for a qualified terminable interest property (QTIP) election. 

A marital trust is a fiduciary relationship between a trustor and trustee for the benefit of a surviving spouse and the married couple's heirs. A qualified terminable interest property enables the grantor to provide for a surviving spouse and maintain control of how the trust's assets are distributed once the surviving spouse dies. Income, and sometimes principal, generated from the trust is given to the surviving spouse to ensure that the spouse is taken care of for the rest of their life.

However, marital trusts and QTIP trusts can be confusing, and it is important to know how to handle the tax reporting, administration, tax elections available when using such trusts and this CE/CPE webinar will help you with that.

Join the speaker Griffin Bridgers, in this CE/CPE webinar for the following major topics:

  • Structuring a marital trust;
  • QTIP elections and reverse QTIP elections; 
  • Tax treatment of a QTIP trust during the life of a spouse and at the spouse’s death; 
  • Advanced elections available for a QTIP trust; 
  • Funding and administration of a QTIP trust; 
  • Proper tax reporting; and
  • Issues with trusteeship and a spouse’s powers over a QTIP trust. 

Learning Objectives

  • To identify required provisions for a marital trust and a marital QTIP trust. 
  • To identify the mechanics of making the QTIP election, 
  • To analyze the mechanics of reverse QTIP election and other related elections for marital trusts.
  • To identify the tax reporting requirements, and administrative issues, that can arise within a marital trust.
  • To inspect the tax reporting for a marital trust and a marital QTIP trust.
  • To explain the issues with trusteeship and a spouse’s powers over a QTIP trust.

Recommended For

  • This IRS-Approved CE/CPE webinar is recommended for CPA, EA, AFSPs, CTECs, Tax Professionals, Tax Directors, Tax Practitioners, and Tax Attorneys desiring to understand the basics of marital trusts and the qualified terminable interest property (QTIP) election.
  • This CE/CPE course is insightful for tax managers, CFOs, controllers, compliance managers, risk managers, and business owners.

Course Qualification

Webinar Qualifies For

  • 1 CE Credit for Maryland Tax Preparer (MRTP)
  • 1 CE Credit for California Registered Tax Preparers(CRTP)
  • 1 CE Credit for Oregon Registered Tax Preparers (ORTP)
  • 1 CE Credit of Federal Tax Related Matters for Enrolled Agents (EA)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit for Annual Filing Season Program (AFSP)

Presenter

About Presenter

Griffin Bridgers

Partner Hutchins & Associates

Griffin Bridgers, JD., LL.M., is a partner with the law firm of Hutchins & Associates LLC in Denver, Colorado.  Griffin specializes in estate and income tax planning for high net worth individuals.  Griffin is also a frequent speaker and educator, both online and in person, and he provides tax and estate planning updates through digital media through his YouTube channel and on an individual basis for clients and wealth professionals.  Griffin also uses his advanced tax and estate planning knowledge on an individual, non-attorney basis to serve as a market expert on the delivery of planning services, and he advises wealth advisors and CPAs on the use of planning strategists and bespoke digital media to grow their client base.  

About Company

Hutchins & Associates

hutchinslaw.com

Hutchins & Associates LLC specializes in estate planning and related legal services. Founded in 1974, it has dedicated itself to forging lasting relationships with generations of clients. The firm has represented a wide variety of clients including farmers and ranchers, renowned authors, Fortune 500 executives, business owners, celebrities, professional athletes (including a player named as one of the top ten football players of all time, two players in the Pro Football Hall of Fame and two players selected to the college football All-Time All-American Team), coaches and members of the judiciary.

The firm focuses on wealth transfer planning, complex estate, gift, and generation-skipping tax planning, estate and trust administration, probate litigation, income tax planning, administration of conservatorships and guardianships, formation of business entities, and the organization and administration of nonprofit organizations and private foundations.

Faq

FAQs content

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Basics of Marital Trusts and the Qualified Terminable Interest Property (QTIP) election

$15

1.5 Credits

Subject Area

Taxes

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