One of the primary benefits of working with an estate planning lawyer to develop your plan is their knowledge of asset transfer methods. There are trusts that can help you accomplish specific goals, so there is no reason to accept an approach that is less than ideal.
Developing an estate plan as a parent who is getting remarried is a case in point. If you’re in this position, you probably want to make sure that you protect inheritances that you want to leave your children. To accomplish this objective, you could use a QTIP trust.
The First Phase
When you establish a qualified terminable interest property (QTIP) trust, you name a trustee to administer the trust after your passing. This can be someone you know personally, or you can use a professional fiduciary like a trust company or the trust department of a bank.
You fund the trust, and your new spouse would be the initial beneficiary. Assuming you die first, your surviving spouse would receive distributions of the trust’s earnings for the rest of their life.
However, they would not be able to reach the principal. When you are drawing up the trust agreement, you will have the latitude to give the trustee the ability to make discretionary distributions of the principal if you choose to do so.
In addition to cash distributions, your surviving spouse can potentially use property that is technically owned by the trust. They would be comfortable, but they would have no ability to liquidate trust property or change the terms.
Successor Beneficiaries
To execute this strategy, you name your children as the successor beneficiaries when you are originally establishing the trust. After your spouse’s death, your children would become the active beneficiaries.
They would inherit the remaining assets according to the terms that you recorded when you created the trust. At the end of the day, you will have satisfied your responsibilities to all of your family members.
Easing Tensions
A QTIP trust can be the ideal solution for many people who are getting remarried, but there is an added consideration. There is no getting around the fact that your children would have a vested interest in the death of your surviving spouse.
This is the proverbial elephant in the room, but you can proactively reduce the impact of this dynamic. If you arrange for your children to receive some of their inheritances shortly after your passing, the situation would be softened considerably.
Attend a Complimentary Learning Event!
Since you are visiting this site, you must be interested in learning more about estate planning. We urge you to explore the site to take advantage of the written materials that we offer. Plus, this blog is updated all the time, so you may want to bookmark the page.
In addition to the website, we go the extra mile to provide educational opportunities through our live, in-person seminars. They are held at comfortable locations in our service areas, and you can learn a lot if you join us.
There is no charge, but we ask that you register in advance so we can reserve your spot. To see the dates and obtain registration information, visit our Estate Planning Seminars Page.
Need Help Now?
If you are past the learning stage and fully prepared to sit down with an attorney to develop your plan, our doors are open. You can call us at 860-548-1000 to schedule a consultation at our Glastonbury or Westport, CT estate planning offices, and you can use our contact form to send us a message.
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