How do you protect assets in a second marriage or blended family? What is a QTIP trust?
Minneapolis, MN estate planning attorney Cameron R. Kelly outlines the purpose of a QTIP trust in this video as well as how to protect assets in a second marriage or blended family.
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The issue that we encounter with a second marriage is that the spouses if they were to pass away still want to take care of each other but they also might have other objectives like children from past relationship, you know from a first marriage. And when that happens there is this pull between waiting to make sure that your spouse is taken care of and providing for your children after you pass away. And so what we’ll typically do is use a trust in those cases and we will leave some property in a special type of trust called a Q-tip. And the Q-tip trust is actually a trust where your spouse is provided for while she’s still living or he’s still living but then you get to choose who that property is going to go to once the spouse passes away. It’s a nice way of balancing the two objectives where your spouse is taken care of but you still know that the property is going to go to the proper person, your children, after you pass away.