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Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult.

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When my business partner and I found ourselves in a land investment that was abandoned by the developers, we had no reasonable economic choice but to walk away from our mortgage loan.  While we understood that there would likely be tax consequences, the magnitude of our exposure was not fully anticipated.  Thankfully, Mr. Bode was able to work with us to strategize a defensible tax position and mitigate the tax implications of our investment loan abandonment.  I would recommend that anyone facing an investment loss that has tax implications due to debt forgiveness give Gary a call.  It is always best to fully understand the circumstances and the tax rules and related options before paying a hefty bill.  Thanks Gary!

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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

  • serviced office

    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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