Legal Question in Tax Law in Pennsylvania

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

[email protected]

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.