Does Your Revocable Living Trust Need a QTIP?

While it is true that most revocable living trusts created prior to the 2012 American Taxpayer Relief Act (the “ATRA”) need to be cleaned up, I’m not referring to cotton swabs.  QTIP is the abbreviation for a qualified terminal interest property trust.  As a result of the Marital Deduction and Portability (concepts described below), there are tremendous tax advantages to adding QTIP Trust provisions to the revocable living trusts of married couples. For decades, each U.S. Resident has been allotted a credit against estate taxes commonly...