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

As you are all aware, we are currently facing unique challenges due to the Coronavirus. While this is a serious crisis, it is important to keep it in perspective, and not allow it to prevent us from going about our business. We want to assure all of our clients that this office is prepared to serve your needs, regardless of what happens and how the virus affects Minnesota. In an effort to keep the office safe, we have stepped up prevention and sanitation measures in hopes to prevent disease transmission.

Because we are a paperless office, our entire staff is prepared to work from home if necessary. No matter what happens, we will continue to provide our clients with the highest quality legal services.  So far, not one client or staff member has become infected based on contact at this office and we will continue with safety protocols in an attempt to keep it that way. My office will continue to put the safety of our staff and you as our top priority. We do greatly appreciate your cooperation in conducting business in a safe fashion by utilizing current technology. Regardless of what happens, we will continue to take care of all of your legal needs.

Please rest assured, we will continue to take care of your legal needs in this challenging time, and your safety is our highest priority.

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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