Reverse qtip trust?
I'm sure many learned accountants and attorneys can find fault with this answer, but it is going to be too long even with this simplified version.
What is a QTIP:
To understand a Reverse QTIP, you must first know what a QTIP is. A QTIP trust is a Qualified Terminable Interest Property trust. This refers to the ability to give (either during life or at death) assets to your spouse in trust and not be subject to gift tax or estate taxes because a QTIP trust has special requirements from the Internal Revenue Code so that it qualifies for an unlimited marital deduction.
Lets say that Husband dies and leaves assets to Wife in trust. The Husband's estate will have to file a form 706 (estate tax return) with the IRS. If the trust meets certain qualifications set out by the IRS, then a QTIP election can be on the return. Any assets for which a QTIP election is made transfer to Wife in trust without any tax being assessed. If a QTIP election is not made, estate tax is assessed on the assets left in trust for Wife. It's that simple. As long as the trust qualifies, you make the QTIP election to get the unlimited marital deduction. All of those assets are now considered the assets of Wife.
A Different Tax the Reverse QTIP is used on:
Wealthy people used to often think, "If I give this money to my kids when I die, not only will I have to pay taxes on it, but when they die they will have to pay taxes on this money too. Why don't I just skip my kids and give it directly to my grandkids. That way we only have to pay the taxes once." That worked until the IRS figured out that they were missing out on a generation of estate taxes. Then they added the Generation Skipping Transfer (GST) Tax for any gift that skips a generation.
Where a "Reverse" QTIP Comes In:
Just like the estate tax has a credit amount and the gift tax has a credit amount, the IRS also gives each of us a credit to apply to the GST. Husband has one GST credit and Wife has one GST credit. However, if husband has given all assets to wife on death, he has not used his credit. Now only Wife's credit is left for any assets passing on to grandchildren. One of the credits the couple could have used has been, in essence, torn up and thrown away.
You will recall that above I mentioned that an election must be made on form 706 (a QTIP election) to get the unlimited marital deduction. What happens if that election is not made? If the QTIP election is not made, any assets that pass on to grandchildren will be considered as Husband's for GST credit purposes but taxes will have to be paid on whatever is given to Wife.
Here's where it gets tricky. At the same time the QTIP election is made for estate tax purposes, another election can be made "reversing" that QTIP election for the purposes of the Generation Skipping Transfer Tax. Therefore you have the benefit of both credits. The property gets a QTIP election for estate tax purposes but is still considered as Husband's for GST credit purposes. That way the property gets the unlimited marital deduction, but Husband still gets to use his GST credit.
Separate Reverse QTIP Trust:
When the QTIP election is reversed for GST purposes, it must be reversed for the entire set of assets in the trust. Typically the QTIP trust will be much larger than the GST credit amount will cover. (Remember the QTIP marital deduction is "unlimited.") Therefore, good planners will often create two QTIP trusts. One trust is just the right amount on which to "Reverse" the QTIP election for purposes of taking the GST credit. The rest (unlimited amount) gets dumped into the other QTIP trust that will not be reversed. Therefore, the smaller trust is called a "Reverse QTIP" Trust.
In summary, a Reverse QTIP Trust is a QTIP trust that is created in the anticipation that the amount placed in the trust will have the QTIP election reversed for GST purposes so that it still qualifies for the Husband's GST credit. In doing so, the credits of both spouses get to be used. If this planning is not done, only the last one to die gets to use their GST credit.
Tax is assessed on a QTIP trust upon the death of the second spouse. If the total estate of the second spouse (including the QTIP trust) does not exceed the exemption amount in effect at the time, then no tax will be paid. To the extent that the addition of the QTIP to the second spouse's estate causes tax liability, that liability should be paid by the beneficiaries of the QTIP trust. Read More
A QTIP trust (a.k.a. C trust), which is typically created at the death of the first spouse to die, grants the surviving spouse a lifetime right to the income of the trust (at least annually) while transfering the remainder interest to individual(s) of the grantor's choosing. This qualifies for the unlimited marital deduction even though the spouse does not receive outright access to the assets in the trust. Even though this IS a terminable interest… Read More
a broken off qtip Read More
Try using a Qtip. If all else fails, use your little finger. Read More
This is around the size of a long Qtip with a cone shaped nylon head. A Dr will use this to collect endocervical cell samples. Read More
Don't worry I've been there. just get liquid foundation and put on a Qtip and dab it on the zit until it blends in. Read More
Turn the game off clean the game with a Qtip and blow in it and try playing the game again. Read More
Yes it is bad for. Also im not even sure how you would smoke a qtip. Its plastic it will just melt Read More
there is a drainage hole at the back of the unit, located above the drawer and it is probably blocked. clear it out with a qtip. Read More
You dont. Take it apart by popping the buttons off and clean it with a qtip and a little bit of rubbing alcohol Read More
Get a qtip and put nailpolish remover on it and put it in a little cup with water in it and put the ring in 4 1 hour. Read More
Pollen can be carried from flower to flower by several pollinating agents such as bees, wasps, flies, hummingbirds. Some plants self pollinate. Humans trying to create hybreds can pollinate with a Qtip. Read More
ti is the shortened version of tip which was a nickname ti's grandfather gave him...he came out on arista as ti because at the time arista already had qtip signed and i guess that was too similar Read More
FIDO means "Forget It and Drive On". You can't change the other driver's behavior; you can only make him angrier. Forgetting about it isn't easy to do but it is the safest thing to do when confronted with an aggressive driver. The second principle is the QTIP principle. QTIP stands for "Quit Taking It Personally". That aggressive driver probably didn't have you in mind when he hit the road; instead he is probably an equal… Read More
How do you disconnect the warning indicators in 1991 Lincoln Continental that go off constantly when the DCL goes bad?
How about fixing the DCL that will make it go off or clean the connectors behind the concole, there will two off them, clean them with a qtip, see if that solves the challenge Read More
Well there are many ways to put eyeliner on... One way (the way I do it) is pull the outside of your eye a little and then take the pencils and do little strokes or one line whichever you prefer...then try blending it with a qtip for a perfect line Hope this helps! Read More
A good experiment is to pour milk onto a plate and then apply drops of food coloring. Then dip a Qtip into some dish soap and apply it to the milk. The soap acts on the chemicals within the milk and allows the changes in the fat and protein molecules to be observed. Read More
Chances are there is an electrical short in the track. This can be solved by making sure the rail joiners in between the sections of track are connected well. I had the same problem but it was due to dirty wheels that do not constantly make contact to the electrified track. Try cleaning them with a Qtip in 90% isopropyl alcohol...careful not to use too much. Read More
I spilled coffee on i ipod touch 2nd generation and it works fine except for one small detail the speakers dont work now my ipod thinks that you have headphones in it is there a way to fix this?
Found out what to do and now my ipods working perfectly like it did before.what you should do is get a Qtip and take off some of the cotton so that it can easly slide into your ipods speaker hole and then simply turn the Qtip so that the dirt and sugar from the coffe attaches itself to the Qtip.You might want to do this multiple times Optional follow all above andScrape out the dirt… Read More
Tea tree oil. You can find it at walmart, target, or any drugstore. Use a qtip and massage a tiny bit onto the bumps. DO it after you clean your piercing no more than twice a day or you'll dry out the piercing. You can just leave it on there until you clean it again. The bumps will start to flake off in layers until its gone. Read More
Dry it off as much as possible. If you just got water on it, unplug it and try running a hair dryer over it. If you dropped a soda or other sticky drink on it, you are probably out of luck. You can also try swabbing the areas with a qtip dipped in rubbing alcohol, but the gunk may have gotten to areas you can't access and/or put back together. Make sure that you have… Read More
Yep. As long as it isnt a dark greenish/yellow. Its usually a very light yellow/white color. Its especially common with new piercings but it can pop up on old ones if you get sick or hit the piercing. Just wet the area with warm water and use a qtip to get it off. Dont try to pull it off when its dry. That really irritates the piercing and can sometimes hurt. Read More
I'm not an expert, but I brush off the eggs with a soft brush like a toothbrush. --------------------------------------------------OR-------------------------------------------------- Spray with 1/2 cup 70% rubbing alcohol mixed with 1 1/2 cup water If plant is indoors or small, I use a Qtip or a cotton ball soaked in rubbing alcohol and apply directly to eggs. Read More
First thing id do is clean the massairflow sensor. Remove the sensor from the housing using a t-20? tamper proof torx bit (just 2 screws) and look for gunk on the tiny wires. I like to wipe them off with rubbing alchohol and a qtip. If your using a k@n airfilter theres your sign! Read More
Neither should be used on a piercing,both kill the healing tissue. Stick to a sea salt solution. 1/4 of sea salt solution in water as hot as you can stand it. Wipe around it with a qtip with the solution,and do soak salt soaks for 15 min. Then rinse with regular water. Don't sleep on your belly for 6 months,and don't change the jewelery for 6 months. Read More
You're going to have to remove the hair or it will continue to grow within the confines of the follicle, increasing swelling and pain. sometimes there is enough of the offending hair close to the surface that you can snag it with tweezers. Pull it fast. Scream. Say something vulgar to the ingrown hair. Then squeeze the area to blast out any remaining foreign material (or non-foreign, like blood and lymph and pus) then you… Read More
Buy some clove oil from a health food store, or otc from a pharmacy. Place some of the oil on a cotton ball or qtip. Dab the clove oil onto the tooth, or into the tooth if there is a crack or hole. The oil will numb the pain, and eventually deaden the nerve. Apply the oil immediately when the pain starts to come back, and after doing that enough, it will kill the nerve… Read More
IF you are talking about the third brake light it has a cover and you push a qtip with the end cut off into the holes on the side. They will pop open and you can remove them. A wire hanger will do the same thing. If you are talking about the rear brake lights you first take the visible screw loose on the side. Then take the carpetiing back in the trunk and you… Read More
Would this be to automatically clean cassettes, or to clean cassette players in Automobiles? While there ARE special cleaners, they don't work very well. Cassette players don't need special equipment to clean them - just some cleaning fluid (could be rubbing alcohol), and a cotton swab. Wet the swab (QTip) and stick it through the cassette door, and rub the playing heads and capstans (the metal posts that hold the tape against the rubber wheels)… Read More
This depends on what you mean. If you're talking about just small rips/cuts in the skin, clean as you would normally clean any piercing. 1tsp non-iodized seasalt + 1cup water. [not tap. needs to be sterile] Use a qtip and clean area 3-6 times a day. Especially with ears since it's so close to makeup, hairproducts, shampoos, etc. The oils will cause infections. Do not touch the jewelry or piercing until completely clean. Now, if… Read More
First: if your hamster's wound isn't bleeding anymore? Don't wash it, unless it looks infected, wound should look fresh and no specks of dirt or ya know food or something stuck to the wound, and If your hamster is okay with u picking him/her up, gently and very slowly calmly pick it up, and take a Q-tip, and see if it will let u gently (very softly) stroke it over the wound, if it does… Read More
Hello, I had our Beetle in for service and the dealer said that the Tranny was a sealed unit and I cannot checkthe fluid level. The dealer is half right. It might be a sealed system but you can still service it. There is 2 bolts on the transmission. One near the top and one near the bottom. The top is where you fill and the bottom is where you drain. Since VW claimed that… Read More
I have a pair. mouse male robo hamster female doing it now. you have to place them hamster in the mouse cage and the mouse in the hamster cage so they get each others scent. do this for a week or two every day at least once. make sure the mouse isnt in its cage when you put the hamster in there and vise versa. at the beggining of week two start introducing them in… Read More
Go to the doctors and get some antibiotics to clear up the infection before it spreads. Wear only titanium, surgical steel, or glass in the piercing. Then, clean it with natural sea salt and water. Put a pinch of the sea salt into a shot glass of warm water. Press the glass around your piercing to create suction that makes soaking easier. Soak your piercing for 5 minutes, 2-3 times a day. After the soak… Read More
It doesn't happen with every piercing but it's pretty common with cartilage piercings. Unless you have a history of keloids, its probably hypertrophic scarring. I cant be sure since I cant see it, so its a good idea to have your piercer look at it. Make sure that your jewlery isn't too short/tight. Also, be really careful with the piercing and avoid hitting it or playing with it. To get rid of the scarring, try… Read More
A. Don't do it. B. Hire a professional. C. Practice with worthless stamps first. What is the stamp stuck with? You don't mention if the album is valuable. If fugitive (water soluble) inks are involved, you are stuck - leave it as is. Otherwise, try wetting the stamp with a cotton ball or qtip. To lift the stamp; tongs, dental tools, and an X-Acto knife are helpful. I just cut the page from the album… Read More
You have acne and nothing seems to help do those laser treatments that promise to work really work as well as they claim?
I've had Co2 done at 19, another laser at 22 and fraxel done recently, as well as a lot of other treatments like IPL, microderm, facepeels and everything else available . I been suffering from acne since i was 15, it only got worse over the years. I also developed a lot of scaring. Lasers don't cure acne. It could reduce the appearance of scars, but the difference isn't huge and if you are on… Read More
Sadly, I am an expert. lol. When I have had conjunctivitus (5 times or so in my lifetime) I have always taken a q-tip (separate q-top for each eye) and gone around the rim of my eyelid with a dab of olive oil (preferabley with a little bit of argan oil mixed in) because it helps with the inflammation very much.. When you do this, you can also bring the qtip to the corner of… Read More
Don't play with the jewelry with dirty fingers. Keep your mouth clean. Use antiseptic mouthwash often. USE A MIXTURE OF HALF WATER AND HALF ANTISEPTIC MOUTHWASH. You will need to rinse your mouth out with it after you eat ,drink (except water) , or smoke. If you use antiseptic mouthwash that is blue, the inside of your mouth may , after a few days, appear green. If you use mouthwash that is yellow, the inside… Read More
As with all piercings, the jewelry can be a little bit stubborn to remove or replace because of the small balls on barbells, horseshoe rings etc.etc. Remember that if you're removing your jewelry for the first time, it will be a VERY stubborn process, because your piercer made the effort to screw them on tight. In addition, any fluids or crusties might get stuck in there and make it even harder to remove. If it… Read More
There are millions of people that follow Islam and its teachings. If you asking a bout famous people well there's a long list Jermaine Jackson - former Jackson 5 singer Muhammad Ali - boxerMos Def Matthew Saad Muhammad - world champion boxer (formerly Matt Franklin) Dwight BraxtonEve Eddie Mustapha Muhammad - world champion lightweight boxer (formerly Eddie Gregory) Mustafa Hamsho - boxerMaysoon T-Pain Mike Tyson - boxerMalcolm X Flavor FavSnoop dogg Shaquille O`Neal Hamdan Chris… Read More
What I would do, although it's probably too late, is take the battery out and wait until everything dries off. I dont know how to fix one after it dried. I agree with that comment if you can remove the battery right away. My son had gone swimming with it and once we came home it no longer worked. Then the battery went bad in it, so it was a mess. but it works fine… Read More
first, you must remove the time release coating on your pills. This can be done by "washing them," or you could just scrape it off or suck on it until it is devoid of color. Once you have a white pill, you crush it and empty the powder into a spoon. Draw up into your CLEAN, NEW syringe about 75 cc of water for every pill you plan to inject. I would not recommend injecting… Read More
Quite often we "invite" germs that cause illness into our body by lack of hand washing. A person with the flu, sneezes (using hand to block spray) then grabs a door knob. Everyone walking thru that door behind him - touching the knob, then touching their own face, eyes or nose or putting food in their mouth (for however long the germ lives outside of the hosts body) may have just been infected. Most people… Read More
Check Engine Light came on in your 2001 Sentra GXE mechanic checked code said it was an oxygen sensor had it replaced 2 or 3 times light keeps coming on What should you do?
Most oxygen sensor trouble codes are just the beginning. In My experience fuel control components are at fault. (Mass Air Flow [MAF] sensor uses air flow through it to meter fuel or if you have a Manifold Air pressure [MAP] sensor it uses a vacuum signal to meter the fuel) Generally MAF's are just filthy or tired with possibly excessive resistance (in the wiring) built up from coroded connections or bad connectors, the increased resistance… Read More
First you must be sure it is wax in your ears and not an ear infection or allergies in your sinuses causing the pain and clogging. It can often be caused from the inside, such as severe sinus swelling, and can feel like wax, but is not. If it IS wax the solutions below should work. If it does not work, you can go see a Dr as a Dr can relieve pressure and pain… Read More