by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Qualifying Domestic Trust?A Qualifying Domestic Trust (or QDOT as it is commonly called) is a special trust used by individuals for end-of-life planning. Basically, a QDOT trust allows assets held by the trust to be free from estate and gift taxes (up to the...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Qualified Domestic Relations Order (QDRO)?A Qualified Domestic Relations Order is a court order directed at holder of an individuals retirement funds. In most states, spouses acquire a legal or equitable interest in all assets that come into the estate...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Qualified Terminable Interest Protection (QTIP) Trust?A Qualified Terminal Interest Protection Trust is an estate planning device. An individual generally uses this trust to provide for a surviving spouse. Basically, prior to passing, the decedent creates...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Non-Contestability Clause?The non-contestability clause refers to a will provision that states if any beneficiary challenges the clauses of the will in a court, they will be disinherited. This clause intends to keep order during the settlement of an estate...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is an Elective Share?An elective share is a legal term which is used in American law and is associated with inheritance. An elective share in the United States enables a spouse of the deceased person to claim inheritance rights. The surviving spouse is entitled a...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Discretionary Trust?It is a type of trust that is set up for providing benefits to one or more beneficiaries. The trustee who decides when and what funds are distributed to the beneficiaries. The beneficiaries do not have any right to decide when to withdraw...
