How do I set up a QTIP trust?
An example of an AI chatbot conversation about setting up a QTIP trust.
What steps do I need to take to set up a QTIP trust?
To set up a QTIP trust, you'll need to draft a trust document, name a trustee, and specify the beneficiaries.
What are the tax implications of a QTIP trust?
QTIP trusts can provide tax benefits, allowing the surviving spouse to defer estate taxes until their death.
Can I change the beneficiaries of a QTIP trust later?
Yes, you can change the beneficiaries if the trust document allows for modifications.
Do I need a lawyer to set up a QTIP trust?
While it's possible to set up a QTIP trust without a lawyer, consulting one is highly recommended to ensure compliance with laws.
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