Transferring Farm or Ranch Property to the Next Generation Through a QTIP Trust

INSTRUCTIONS: MONTANA TRANSFERRING FARM OR RANCH PROPERTY TO THE NEXT GENERATION THROUGH A QTIP TRUST

This article discusses an information document made available by Montana State University Extension concerning how to transfer a ranch, farm or other property to your spouse or children using a qualified terminable interest property (QTIP) trust.

Montana Transferring Farm Or Ranch Property To The Next Generation Through A QTIP Trust Step 1: The first two paragraphs outline an example scenario in which a husband and wife are concerned about transferring their ranch to their three children.

Montana Transferring Farm Or Ranch Property To The Next Generation Through A QTIP Trust Step 2: The next three paragraphs outline the couple's current assets and their children's wishes concerning their ranch.

Montana Transferring Farm Or Ranch Property To The Next Generation Through A QTIP Trust Step 3: The next three paragraphs outline common estate planning concerns.

Montana Transferring Farm Or Ranch Property To The Next Generation Through A QTIP Trust Step 4: The next two paragraphs outline potential federal estate tax consequences.

Montana Transferring Farm Or Ranch Property To The Next Generation Through A QTIP Trust Step 5: The next two paragraphs outline the couple's goals of minimizing federal estate taxes and passing the ranch as a whole on to their son.

Montana Transferring Farm Or Ranch Property To The Next Generation Through A QTIP Trust Step 6: The next three paragraphs outline a basic plan to give the husband son sole ownership of the ranch.

Montana Transferring Farm Or Ranch Property To The Next Generation Through A QTIP Trust Step 7: The next six paragraphs outline a modified version of this basic plan.

Montana Transferring Farm Or Ranch Property To The Next Generation Through A QTIP Trust Step 8: The next eight paragraphs outline how a QTIP trust works.

Montana Transferring Farm Or Ranch Property To The Next Generation Through A QTIP Trust Step 9: The last paragraph on the second page advises readers to consult with an attorney experienced in estate planning before making any decisions concerning establishing a QTIP trust.

Montana Transferring Farm Or Ranch Property To The Next Generation Through A QTIP Trust Step 10: The last paragraph contains information about obtaining further assistance from other resources, as well as contact information to make related requests.