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The Qualified Terminable Interest Property (QTIP) Trust

Often we come up against situations in planning finances for folks where some special tools are necessary.  One of those situations, quite common these days, is when one or both members of a couple has children by a prior marriage.  The situation brings about some interesting questions when considering how the marital assets will be divided when one member of the couple has passed on. Daryl has three children by a prior marriage, and his wife Toni also has three children by a prior marriage.  Both Daryl and Toni have considerable assets from before their marriage – each has a investments and retirement accounts in their own name: Toni’s accounts are worth $350,000, and Daryl’s accounts are worth $300,000.  Given their lifestyle, they will not be needing much of their accounts early in retirement – but it’s quite likely that later in life they may need the accounts for medical […]