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In Illinois, there is a variety of Estate planning documents that can be used alone or in combination with each other to ensure that your intentions are carried out. Determining the estate plan that is most effective for you or your loved ones will require consideration of the facts and circumstances specific to your case. There are many different types of trusts in Illinois. If you are considering creating or making changes to a trust in Illinois, contact Newland & Newland, LLP for an initial consultation today.
Qualified Terminable Interest Property Trust
One type of trust is a Qualified Terminable Interest Property Trust, also known as a QTIP trust. In 2009, Illinois became one of several states that passed legislation allowing for the creation of QTIP trusts. A QTIP trust allows the person who creates the trust to maintain control of how the trusts assets are distributed after their death. The assets will be distributed in accordance with the terms of the trust. To find out whether a QTIP trust will meet your estate planning needs, speak with an experienced attorney at Newland & Newland, LLP.
Benefits of a QTIP Trust
While a QTIP trusts has several benefits, it serves two main purposes:
- A QTIP trust allows an individual to dictate where your assets will go after your passing. In many cases where a decedent is married, the property of that decedent will go directly to a surviving A QTIP trust will allow you or your loved one to dictate the amount of funds payable to each recipient which can serve as a way to ensure children from a prior marriage may be provided for.
- It also serves as a way to maximize estate tax savings. One tax benefit that surviving spouses experience is the ability to defer estate tax until the death of the surviving spouse. In addition, a QTIP trust allows the survivor to determine the amount of property and funds that will remain in the trust each year. This allows the surviving spouse to maximize the amount of estate tax savings.
Contact Newland & Newland, LLP
Estate planning considerations should not be taken lightly. There are many different circumstances that may impact your decisions. The benefit of obtaining an attorney when establishing a QTIP trust is that one of our attorneys will help you expose some of the issues relevant in your claim which may not have been an immediate concern.
Newland & Newland, LLP is one of Illinois' chosen law firms because of the diligent representation we provide to our clients. Our practice built on individualized care ensures that every estate planning client's wishes will be carried out in the way the client intended. In the event you are involved in a life threatening accident, experience an illness, or pass away, your estate planning needs will be met after seeking assistance from our firm. Seek personalized representation by contacting Newland & Newland, LLP today.