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What is a QTIP trust?

Have you gotten married for the second or maybe even third time in Texas? If so, you are certainly not alone as many other people find themselves in a remarried situation and part of a blended family whether due to a prior divorce or death of a spouse. There can be many positive things about this transition but it may also add a new layer of complexity to one's estate planning approach. 

Imagine that you and your new spouse both have children from your prior marriages. If you set up your estate plan so that everything you own goes to your spouse after you die, what will happen after they die? That is a question you really can't answer as you will not have control over that. What you may have wanted to go to your biological children may instead go to your stepchildren.

Forbes explains that a qualified terminable interest property trust can help you ensure what you want to go to your kids actually will. At the same time, the QTIP trust allows you to provide residual income for your spouse after your death. Basically your spouse may receive interest income from the trust while the assets in the trust are kept for your children once your spouse dies.

This information is not intended to provide legal advice but is instead meant to give Texas residents who are interested in properly planning their estates in a blended family an idea of how they can provide for both their new spouse and their children from a prior marriage.

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