Are you looking for ways to minimize your estate taxes while providing for your loved ones? One option you might want to consider is a qualified terminable interest property (QTIP) trust. This type of trust allows you to provide for your spouse while still retaining control over how your assets are distributed after your spouse's death.
At Heritage Law Office, our experienced estate planning attorneys in Wisconsin can help you create a customized QTIP trust that meets your unique needs and goals. Contact us online or at 414-253-8500 to schedule a free consultation today.
Understanding QTIP Trusts
A QTIP trust is a type of irrevocable trust that provides for your spouse while preserving your control over how the trust assets are distributed after your spouse's death. The trust is funded with assets that are excluded from your estate for tax purposes, reducing your estate tax liability.
When you create a QTIP trust, you designate a trustee who is responsible for managing the trust assets and making distributions to your spouse according to the terms of the trust. You can also specify how any remaining trust assets should be distributed after your spouse's death, which can include providing for your children or other beneficiaries.
Benefits of QTIP Trusts
There are several benefits to creating a QTIP trust as part of your estate plan. Some of these benefits include:
1. Estate Tax Savings
One of the primary benefits of a QTIP trust is that it allows you to provide for your spouse while minimizing your estate tax liability. Assets that are held in the trust are not included in your estate for tax purposes, which can reduce the amount of estate tax that your heirs will have to pay.
2. Control Over Asset Distribution
By creating a QTIP trust, you retain control over how your assets are distributed after your spouse's death. This can be particularly important if you have children from a previous marriage or if you want to ensure that your assets are used for specific purposes after your death.
3. Protection Against Creditors
Assets that are held in a QTIP trust are generally protected from creditors, which can provide an additional layer of protection for your loved ones.
QTIP trusts are flexible and can be customized to meet your specific needs and goals. You can specify how the trust assets should be distributed after your spouse's death, and you can also choose to include provisions that provide for your children or other beneficiaries.
Creating a QTIP Trust in Wisconsin
If you're interested in creating a QTIP trust as part of your estate plan, it's important to work with an experienced attorney who can help you navigate the complex legal requirements. At Heritage Law Office, our knowledgeable estate planning attorneys in Wisconsin can help you create a customized QTIP trust that meets your unique needs and goals.
Contact us online or at 414-253-8500 to schedule a free consultation today.
Contact a Qualified Attorney in Wisconsin
If you need assistance with creating a QTIP trust or any other aspect of estate planning, the experienced attorneys at Heritage Law Office are here to help. Contact our attorneys by using the online form or calling us directly at 414-253-8500.
Cities We Serve in Wisconsin
We provide our services to clients throughout the state of Wisconsin, including the following cities:
- Green Bay
- Eau Claire
- Elm Grove
- Fox Point
- Whitefish Bay
- and more.
In addition, we also offer remote, phone, and online appointments, so you can receive our services no matter where you are located.