Explain about qtip trust, Would this renunciation or

Explain about qtip trust

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Reference no: EM1348831

QTIP Trust

When Mr. Jolson died in January 2003, his will provided for the establishment of a QTIP trust. Mrs Jolsen was named to receive income from the trust for her lifetime with their children named as remainder beneficiaries. Because Mrs. Jolsen has substantial other assets and income sources, she does not believe that the QTIP trust is necessary and prefers that the assets of the trust pass directly to their children instead. Is it possible for her to disclaim or renounce her interest in the trust? Would this renunciation or disclaimer result in the assets passing to the children from Mr. Jolsen's estate? What would the impact of the disclaimer on the martial deduction allowable to his estate?

Reference no: EM1348831

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