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Coronavirus Impact and Assurance: Yes! We are still open for business!

For the last year, thanks to the hard work of all of our staff, and you, our clients, no one who works at this office has gotten Covid while working here, and we have not spread a single case to any of our clients, while getting all of our client's legal needs taken care of. With the spread of vaccination the end is in sight, normal times where we can meet our clients in person in the office are just around the corner.

During the transition we will be having some in person, in office appointments for clients who have already been vaccinated, and for whom the CDC recommended period of time has passed since their last shot. Of course, for anyone who would prefer a phone or video appointment for safety, convenience, or any other reason those types of appointments are always available.

The weather is warming up and outdoor-in person appointments are now available. The updated CDC guidelines indicate that masks are not needed for vaccinated people outside if not in close quarters; although as a precaution we will continue to practice social distancing. If you have not had your vaccination, masks will continue to be a requirement.

Through the transition safety of all staff and clients will continue to be our top priority, we look forward to seeing you soon.

Please see our blog for more info on pandemic response.

What is a QTIP trust?

| Sep 14, 2020 | Estate Planning

If you are one of the many people in Minnesota who wishes to make now the time you create or update your estate plan, you may wonder if a trust could benefit you and your family. When assessing this, you should educate yourself about the different types of trusts you may select from.

One form of trust, the qualified terminable interest property trust, helps people who wish to leave assets to multiple heirs. This trust may also be referred to as a QTIP trust.

Addressing the needs of different heirs

As explained by Policy Genius, a remarried spouse may find that a QTIP trust allows them to leave a legacy for their biological children and grandchildren while simultaneously ensuring their new spouse receives sufficient income to care for them during the rest of their life.

How a QTIP trust works

With a QTIP trust, a person titles asset under the trust. When that person passes away, the trust provides interest income to their surviving spouse. The core assets remain untouched. When the surviving spouse eventually passes away, the assets in the trust then flow to the other beneficiaries, often the first person’s children or grandchildren. The payment of estate taxes occurs not when the first person dies but after the surviving spouse dies.

This information is not intended to provide legal advice but is instead meant to give residents in Minnesota an awareness of the fact there are many types of trusts available to fit various needs and to give them an overview of one form of trust, the QTIP trust.

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