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Having the QDOT funded with income-generating assets will enable the surviving spouse to receive a greater income.
By using a QDOT, the property will be in trust and the income distributions will be estate tax free.
2) The QDOT instrument must require that at least one of the trustees be a U.
3) The QDOT must meet the various additional requirements contained in the Treasury regulations under I.
Assuming the trust in question meets all the above requirements, in order to be considered a QDOT the personal representative must file the proper election on the decedent's estate tax return.
Distributions from the QDOT generally are taxable with two major exceptions: income distributions and "hardship" distributions.
8] "Personally owned" assets such as marketable securities or certificates of deposit are available assets which would have to be used before a distribution from a QDOT could qualify as a hardship distribution.
Certain miscellaneous distributions and dispositions" also may be exempt from the QDOT estate tax, including but not limited to:
1) Payments for ordinary and recurring expenses for the QDOT (including bond premiums and letter of credit fees) are exempt.
2) Payments to applicable governmental authorities, including income taxes and Florida intangible taxes imposed on the QDOT (other than the QDOT estate tax), are exempt.
As one possible example, a spouse might be able to purchase discounted limited partnership interests from the QDOT on an installment note basis.
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