Tuesday, October 25, 2022
Article: Modern Post-mortem Estate Planning for Non-citizen Spouses: Why Qualified Domestic Trusts are a Risky Proposition
Fabio Ambrosio (Central Washington University) recently published an article entitled, Modern Post-mortem Estate Planning for Non-citizen Spouses: Why Qualified Domestic Trusts are a Risky Proposition, Journal of Financial Planning, 2022. Provided below is the abstract to the article:
Trusts are an essential part of estate planning. These legal ‘creatures’ often mystify laypersons as obscure vehicles offering tax saving opportunities to the rich. While there is often some truth to this, administering certain types of trusts can be a matter of enormous complexity, even for the most qualified advisors, and careless planning can lead to catastrophic consequences. The Qualified Domestic Trust (QDOT) is perhaps the most complex of these estate planning vehicles. Qualified Domestic Trusts are born by the interplay of (a) the distinction between income and wealth and (b) the jurisdictional limitations on the reach of U.S. tax laws on the wealth of noncitizens.
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