Legal Question in Tax Law in Pennsylvania
Qualified Terminal Interest Property
How do I establish Qualified Terminal Interest Property? Is there a form or work sheet available or a sample document available?
1 Answer from Attorneys
Re: Qualified Terminal Interest Property
That's a strange question from a layperson. If I were a lawyer
licensed to practice in your state (which I'm not) and you
were paying me, I wouldn't just answer that question. You
would have to tell me what you were trying to accomplish
and then I would likely suggest to you a better vehicle.
The term is almost always used in the context of a trust
created within a will at the time of death of the testator,
the person writing the will; it is often created as a way to
use a marital deduction for a specific amount of money and yet
not give the survivor all the rights s/he'd have in an outright
gift. It is defined in the Internal Revenue Code, and the
creation of it, besides having the correct amount, is best done
by having trust language with certain very specific phrases
(terms of art, i.e., jargon) defining the duties and powers
of the trustee in relation to the principal and separately
the income of the corpus to the beneficiary, and then by a
reference to the applicable Code sections and Regulations,
all within the context of state property laws. I don't think
it's a job for a layperson, and really isn't appropriate for
70% of the lawyers I've met.
Do you really want to do this during your lifetime? (It's possible
and in some cases makes sense.)
Do you have a taxable estate? Do you have children whom you
wish to protect? What's made you ask in the first place? Where
did you even hear of the term?
You can answer these questions if you like by e-mail to
Stuart Williams
Law Offices of Stuart J. Williams
21 Walter St.
Newton, MA
02459
There! Though I haven't answered your question directly, I
hope I've helped you!
I'm wary
of whether or not you are
Stuart Williams
Law Offices of Stuart J. Williams
21 Walter St.