Qualified Domestic Trust (QDOT) - Allows a non-citizen spouse to qualify
for the marital deduction.
Qualified Terminable Interest Property (QTIP) - A Trust that delays
estate taxes until your surviving spouse dies so more income will be available
to provide for your spouse during his/her lifetime. You can also keep control
over who will receive these assets after your spouse dies.
Qualifying Subchapter S Trust (QSST) - Trust that meets certain IRS
qualifications and is allowed to own Subchapter S Stock.
Quitclaim Deed - Document that allows you to transfer title to real estate.
With a quitclaim deed, the person transferring the title makes no
guarantees, but transfers all his/her interest in the property.
Real Property - Land and property that is permanently attached to land
(like a building or a house).
Recorded Deed - A deed that has been filed with the county land records.
This creates a public record of all changes in ownership of property in the
state.
Revocable Trust - A Trust in which the person setting it up retains the
power to change (revoke) or cancel the Trust during his/her lifetime.
Opposite of Irrevocable Trust.
Required Beginning Date (RBD) - The date you must begin taking
required minimum distributions from your tax-deferred plans. Usually, it is
April 1 of the calendar year following the calendar year in which you turn age
70 1/2. If your money is in a company-sponsored plan, you may be able to
delay your RBD beyond this date if you continue working (providing you are
not a 5% or greater owner of the company).
Required Minimum Distribution (RMD) - The amount you are required to
withdraw each year from your tax-deferred plan after you reach your
Required Beginning Date. It is determined by dividing the value of your
tax-deferred accounts by the life expectancy of you and your Beneficiary.
The intent is that, by the time you and your Beneficiary are both expected to
die, your tax-deferred savings will be fully withdrawn.
ESTATE PLANNING
Glossary of Terms
