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PHONE: 415-441-8669 | TOLL FREE: 888-50EVANS


“QTIP” is short for “qualified terminable interest property.” In the U.S., each citizen is granted a credit against the gift and estate tax. When gifts and inheritances exceed the amount of this credit, a tax is imposed. For estate tax purposes, any property, which passes to a decedent’s surviving spouse, is not subject to the gift or estate tax; however, generally full ownership of this property must in fact pass to the surviving spouse. A QTIP trust is an exception to this general rule.

To discuss the advantages of creating a QTIP trust, contact a San Francisco attorney at The Evans Law Firm at 415-441-8669 or 888-50-EVANS or to schedule a free initial consultation.

Using Qualified Terminable Interest Property Trusts to Provide for Children of First Marriages

Under Section 2056 of the Internal Revenue Code, as long as the surviving spouse has a lifetime income interest in the property, the property is treated as passing to the surviving spouse. QTIP trusts are commonly used when a spouse has children from another marriage. The other spouse may wish to provide for this spouse, but nonetheless designate where the money will go after that spouse is deceased. A QTIP trust allows this to be accomplished in a manner treated as a gift to a spouse.

Estate and Gift Tax Lawyers Serving Oakland and Other California Communities

For questions about providing for children from your first marriage through use of qualified terminable interest property trusts, please call 415-441-8669 or contact our lawyers online via e-mail to schedule a free initial consultation. From our office in San Francisco, we serve clients in Oakland and communities throughout California.

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