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For purposes of the $2,000,000 QDOT threshold and the amount of a bond or letter of credit required, up to $600,000 in value attributable to the surviving spouse's personal residence and related furnishings held by the QDOT may be excluded.
Events that trigger an estate tax on assets placed in a QDOT include: (1) failure of the QDOT to meet any of the above requirements; (2) the surviving spouse's death; or (3) any payment to the surviving spouse other than income or a "hardship" distribution.
An estate tax is imposed on QDOT assets on the happening of any of the following events:
Treasury Department's Model Estate and Gift Tax Treaty, recognize some form of marital deduction, which may be elected in lieu of a QDOT.
39) The QDOT can satisfy the security requirement by having a U.
Property passing to a QDOT is eligible for the marital deduction.
IRC Section 2056A(a)(1) defines a QDOT as a trust instrument that requires at least one trustee of the trust be an individual citizen of the
To satisfy the QDOT rules and obtain the marital deduction, not only does the property have to be transferred to a QDOT and a timely election made on the estate tax return, but the marital deduction trust requirements must also be satisfied.
The QDOT requirement was set in place by Congress under the Technical and Miscellaneous Revenue Act of 1988 and the Revenue Reconciliation Act of 1989 in reaction to the fear that noncitizen spouses would leave the U.
It also provides an opportunity to have a less complicated estate plan, by possibly eliminating the need for a QDOT for a non-U.
To qualify as a QDOT under IRC section 2056A, the following requirements must be satisfied:
A QDOT may be created by the decedent (during life or by will), surviving spouse, or decedent's executor.
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