Which of the Following Are Characteristics of a QTIP Trust

question 24

Multiple Choice

Which of the following are characteristics of a QTIP trust?

• A) The trust agreement, and not the surviving spouse, controls the distribution of the trust assets
• B) Assets transferred into the trust qualify for the marital deduction, if spouse receives income from trust at least annually
• C) If assets qualify for marital deduction, then they must be included in the estate of the surviving spouse
• D) A and B
• E) A, B, and C

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Definitions:

Tractor

A heavy-duty highway truck designed for towing trailers. Also any of a number of different types of farm and heavy equipment utility vehicles.

Tandem Axle

A pair of axles situated close together in a vehicle to support more weight than a single axle and improve stability.

Wheel Base

The distance between the centers of the front and rear wheels of a vehicle, influencing stability, handling, and ride comfort.

Linehaul

Truck transports that operate terminal to terminal. Refers to a truck that operates mainly on major highways.