Admin

How competitive are you at different Law Schools?

Enter your LSAT and GPA scores and find out!
GPA: out of 4.0
LSAT: out of 180
Legal Forums
Legal Forums
Welcome, Guest
Please Login or Register.    Lost Password?
funding a family trust (1 viewing) (1) Guest
Go to bottom Post Reply Favoured: 0
TOPIC: funding a family trust
#6915
Kash (User)
Senior Boarder
Posts: 75
graphgraph
User Offline
funding a family trust 7 Years, 6 Months ago Karma: 1  
My office has a new client, a decedent's estate. The decedent's trust provide for the trust to establish a family trust and fund it with the amount not used to fund a QTIP marital trust. Since the decedent died in 2010 and there is no estate tax due then there can be no marital trust and hence all trust property must go to the family trust where the family trust restricts the surviving spouse's right to trust property. My question is whether we can make a QTIP election if there is no estate tax due? The surviving spouse would like to take the trust property in the marital trust rather than the family trust.
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
#6936
Mike Sareta (User)
Junior Boarder
Posts: 36
graphgraph
User Offline
Re:funding a family trust 7 Years, 5 Months ago Karma: 0  
You can always file an estate tax return even if one is not due just to make the QTIP election. I think that is the proper course of action when there such a funding formula is used in a trust and no estate tax return is due.
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
#6946
Miami LS (User)
Gold Boarder
Posts: 181
graphgraph
User Offline
Re:funding a family trust 7 Years, 5 Months ago Karma: 0  
As per the governing instrument, the only way to fund the marital trust is to make a QTIP election and the only way to make a QTIP election is on a properly filed estate tax return. a second option may be to see if teh trust provides the trustee with discretion on funding or terminating a trust.
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
Go to top Post Reply
Powered by FireBoardget the latest posts directly to your desktop

LegalNut Resources

Attorney jobs listings and sites with attorney salary information, attorney job search functions, and salaries by law firm.

Law school rankings show how competitive your lsat scores would be at top law schools in the US.

Law school admissions advice is available both at the LSAT forum and throughout the pre-law section, including LSAT prep options, law school personal statement help, LSAT score distributions and law school bar exam pass rates.

Copyright 2006 - 2018 Rochester Ideas, LLC. All rights reserved.