The Tax Court agreed with the IRS that gift tax of approximately $10 million resulting from the gift of qualified terminable interest property (QTIP) by a decedent within three years before her death ...

There are five kinds of trusts that will qualify for the marital deduction: (1) the “qualified terminable interest property trust,” (2) the “life estate with power of appointment trust,” (3) the ...

Under IRC section 2056(a), an estate may claim a marital deduction for property passing to the surviving spouse. As a general rule, the law denies a deduction for “terminal interests” (those that will ...

The donee spouse has a “qualifying income interest for life” if (1) the donee spouse is entitled to all the income from the property, payable annually or at more ...

The Internal Revenue Service has released new procedures that help a taxpayer make the decision on whether to opt for a qualified terminable interest property election to reduce estate taxes. The new ...

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