Marital Deduction Pitfalls and Avenues for Course Correction (from Annual Trusts and Estates 2024)

A pre-recorded streaming VIDEO replay of one session from the October 2024 live seminar, 43^rd Annual Trusts and Estates.

Marital Deduction and QTIP trusts can be an invaluable tool for trusts and estates attorneys if used properly. Failure to comply with the rigid requirements of qualifying for the marital deduction can have millions of dollars of tax consequences. Attorneys from Schooley Law Firm, PC address some of the common pitfalls of marital deduction and QTIP planning, how to avoid them, and how to correct mistakes.

Topics of discussion include: 

• The requirements to qualify for the marital deduction;
• A case study demonstrating innocuous language that can disqualify a trust from the marital deduction, and how to avoid making these mistakes;
• When boilerplate provisions can defeat the marital deduction; and
• How to fix an intended QTIP trust post-mortem.

Faculty

Sydney Albrecht, Schooley Law Firm, PC / Richmond
Ryan I. Glaser, Schooley Law Firm, PC / Richmond
Jennifer Lee Schooley, Schooley Law Firm, PC / Richmond

Moderator

Kevin L. Stemple, Yates Campbell LLP / Fairfax