WHAT IT IS: A Qualified Terminable Interest Property Trust (QTIP) is a type of Credit Shelter Trust.
WHO IT'S FOR: A QTIP is used by couples who have taxable estates. In function, it's a marital deduction trust that limits the surviving spouse's access to and control of the trust property.
WHAT IT IS: Opportunity cost is a calculation that captures both:
The price paid for an activity or object, and
The value of alternative uses of the time and/or money involved.
Probate is the process by which an estate is administered and settled. Rules regarding the settling of an estate vary from state to state, but the process in general is as follows:
If someone has created a Crummey Trust you can be quite certain they're doing so in part to limit their estate tax liability.
A Crummey Trust is ideal for parents or grandparents who have some combination of the following factors:
"Do you know how much it will truly cost you to make a gift?" By posing this question to prospective donors, you can raise their interest in the topic of the after-tax cost of a gift. Specifically, how big a charitable deduction will the gift let the donor take?
Because a significant portion of major giving comes about via the estate planning process, it's to your advantage to understand how and when different tax advantages come into play.
In this case, there's a key difference in the way capital gains are treated if:
What Is a Contact Report? Just what it sounds like: a record of your “contact” with a donor. Having a contact report system in place lets you track a person’s relationship with your organization seamlessly over a long period of time.