Estate Planning terms Q-R

Qualified Domestic Trust: A trust arrangement that provides a special exclusion for property that was transferred to a surviving non-US citizen spouse instead of the regular marital deduction. Ensures that, at the death of the surviving spouse, assets in the trust will incur federal estate tax.

Qualified Plan: Plans that meet the requirements for favorable tax treatment set forth in the Internal Revenue Code.

Qualified Stock Option Plan: Tax favored method of executive compensation where executives are given incentive stock options (ISOs) to buy company stock. If it complies with IRC §422, the executive is only taxed when the stock bought using the option is sold. The corporation does not ordinarily receive a tax deduction.

Qualified Terminable Interest Property (QTIP): Property that qualifies for marital deductions. Spouse retains a lifetime income interest in the property that is payable at least annually. The corpus ultimately goes to a specified recipient, under the spouse’s special power of appointment.

Representative: Someone authorized to act on another’s behalf (e.g. executor or trustee).

Revocable Beneficiary: Beneficiary designation that a policy owner can change even without consent of the beneficiary.

Revocable Trust: A trust whose terms may be altered after it is established. Assets and beneficiaries may be added or removed. Terms such as when the trust will be terminated can also be changed.

Rule Against Perpetuities: Common law rule that voids any estate or interest in property that it will not take effect or vest within a period measured by a life or lives in being at the time of the creation of the estate plus 21 years.
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