Qualified Terminable Interest Property (QTIP) Trust

A QTIP trust, despite its silly name, is a valuable estate planning tool. QTIP, or “Qualified Terminable Interest Property” is a name derived from the tax law that legalises the tax benefits of the trust. When property is given to a spouse outright (not subject to a trust), it qualifies for what is known as a “marital deduction.” In layman's terms, the property transfers to the spouse free of estate or gift tax. For various reasons, sometimes, it isn’t ideal to give assets outright ...

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Virginia Department of Taxation Announces Tax Amnesty Program

Virginia Department of Taxation Announces Tax Amnesty Program Available September 13, 2017 through November 14, 2017. On September 5, the Virginia Department of Taxation (“Department”) issued Public Document 17-156 (9/5/17), providing the final guidelines for the 2017 Tax Amnesty Program (“Amnesty”). This is the fourth tax amnesty program in Virginia history. Beginning on September 13 through November 14, Amnesty ​ will allow ​taxpayers​ ​favorable terms to satisfy​ eligi...
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Estate Planning Strategies for Charitable Giving

When considering a large charitable gift, individual donors have many options at their disposal. Charitable trusts, donor‑advised funds, and private family foundations are three commonly used charitable giving options. Below is a summary of each option, as well as the advantages and disadvantages of each. 1. Donor‑advised funds – A donor‑advised fund at a local community foundation manages assets much like a traditional investment account and distributes the assets to IRC501(c)(3) ...
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