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I had a 1099-C for about $135,000. My husband didn't have any withholding on Social Security. His employer couldn't withhold due to incompetence. I felt utter dread wash over me. Memories of owing the IRS before were constantly on my mind. I called a local CPA. Besides being clueless, he wanted to charge me for every question I had about insolvency. I looked on line and found little hope of the countless stories of permanently disabled people like myself getting their student loans forgiven only to be asked to pay taxes on it as if it were income.
Somewhere, somehow, I find an article by Gary Bode. I bookmarked it for when it's time to do the actual taxes. With his excellent help in how to do all of this out of a virtual office I get my part of the work done. My questions got answered, for free. I give a retainer, do what I said I did and wait. I hear from Gary. I go into shock! How can this be? Not only do I not owe on the 135,000....Gary itemizes and after paying what was almost nothing in taxes we get $950.00 back! No more hubby doing the taxes online! I will use Gary Bode as long as he will agree to work with me!
It was so easy, no worries, but professional and top notch. I know I have thanked you Gary but I am so grateful. Thank you ever so much again!

Carla Bray

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Even though Gary enjoys helping colleagues, we no longer provide free consults to other tax preparers. He's happy to consult on an hourly billing basis if our schedule allows.

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Divorce CPA explains QTIP Trust Basics | IRS Form 706 | Wilmington NC

Wilmington NC divorce CPA discusses QTIP Trusts.

Gary Bode, CPA: we offer an empathetic free initial phone consult on divorce issues at 399-2705.

CPA divorce planning services complement the attorney. Post divorce CPA services involve tax cleanup when we aren’t consulted early enough to plan. Please find the linked posts below to see examples. QTIP (Qualified Terminal Interest Property) Trusts are an estate planning vehicle, generally used by divorced folks who have re-married.

Do You Need a QTIP with a Second Marriage?

  • Tax: volatility in Estate and Gift tax laws make planning prudent despite the 2011 $10 Million deduction for couples and 35% rate. I think the debt crisis will eventually lower the deduction and raise the rate.
  • Non-Tax: QTIPs allow ongoing support of your surviving spouse while ultimately controlling your Estate’s final distribution.

QTIP Trust Pros

QTIP Trusts address concerns of the first spouse to die:

  • QTIPs delay potential Estate taxes until death of the surviving spouse. The only thing almost better than paying less tax is paying that tax later.
  • QTIPs provide support for the surviving spouse, generally through income from your assets. But provisions can provide $5,000 or 5% of the principle annually, to augment that income.
  • QTIPs allow control of asset dispositions after the death of the surviving spouse, e.g. your spouse can’t divert assets away from your children once you’re gone.
  • QTIPs blocks the surviving spouse’s creditors attaching to your assets.

QTIP Election and Disclaimer

Use Form 706, United States Estate (and Generation-Skipping ) Tax Return. This post can’t be used as definitive guidance for QTIPs or Form 706 preparation. Prudence includes legal and accounting consults on your specific fact pattern.

Divorce CPAs help minimize tax consequences during settlements. But often, divorce CPAs clean up taxation issues that result from lack of planning. Here are some posts to illustrate avoidable post divorce issues.

We’re a Wilmington NC CPA firm experienced in divorce issues. Please peruse our postings to gauge our expertise and empathetic nature. We offer a free initial phone consult on divorce issues at (910) 399-2705. Don’t let distance dissuade you. We all can’t live here in wonderful Wilmington, NC. Our virtual office provides excellent client service to a broad geographic base.

2 comments to Divorce CPA explains QTIP Trust Basics | IRS Form 706 | Wilmington NC

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    You actually make it seem so easy together with your presentation but I find this topic to be really something that I believe I’d by no means understand. It seems too complex and very huge for me. I’m taking a look ahead to your next submit, I will try to get the hold of it!

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