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HOW PREPARATION PAVES THE WAY FOR SUCCESS
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YOUR PERSONAL ASSISTANT — ANYTIME, ANYWHERE
SHOULD YOU DATE DURING THE DIVORCE PROCESS?
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QUESTION AND ANSWERS
GINGER-GLAZED MAHI MAHI
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BUILD THOROUGH ESTATE PLANS WITH QTIP TRUSTS
T he B enefits of F orming a QTIP T rust SAFEGUARD YOUR LEGACY
Every family has a unique dynamic and history. If you have been married more than once, you may feel conflicted about the needs of your current spouse versus your children’s needs from previous marriages. However, you can preserve your legacy and provide for all your loved ones in your estate plan without alienating your children or spouse. By incorporating a Qualified Terminable Interest Property (QTIP) trust into your estate plan, you can solve the issue equitably, giving both parties the security they need. HOW QTIPS WORK Unlike other trusts, QTIP trusts allow you to name a life beneficiary and a final beneficiary for your property. For instance, you can name your spouse as your life beneficiary, who will have limited rights to use the property set aside in the trust during their lifetime. Then, you can name your children as the final beneficiaries, who will inherit the property in
the trust after you pass away. If your spouse passes away before you do, the property in the trust will be given directly to your final beneficiaries without needing alterations. QTIPs also offer benefits for a surviving spouse. Any income from the trust can go to the surviving spouse for the rest of their life, and estate taxes are not assessed until after the surviving spouse’s death. THE ADVANTAGES QTIPs are a great way to meet the needs of two conflicting parties of beneficiaries. It is ideal for people who have been married more than once and have children from previous marriages; few options offer such a flexible trust that allows your children to inherit your property after your living spouse no longer needs it. This can help ease tension and reduce disagreements when settling your estate.
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