Letter to Client: Drafts of Revocable Trusts with Credit Shelter and QTIP Trusts for Married Individual (Florida)

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About this template
This legal template is a letter that is likely addressed to a client residing in Florida, USA. In the letter, the attorney drafts drafts of revocable trusts, specifically including Credit Shelter Trusts and Qualified Terminable Interest Property (QTIP) Trusts, for a married individual.

A revocable trust, also known as a living trust, is a legal arrangement in which an individual (known as the grantor or settlor) transfers their assets into a trust during their lifetime. The grantor usually retains the ability to make changes or revoke the trust at any time. These trusts are commonly used for estate planning purposes to avoid probate and provide for the management and distribution of assets upon the grantor's death.

A Credit Shelter Trust (also called a bypass or A-B trust) is a type of trust that is designed to minimize estate taxes upon the death of the first spouse. These trusts allow a married couple to take full advantage of each individual's estate tax exemption by dividing their assets into two separate trusts - one for each spouse. This way, when the first spouse passes away, their assets can pass into the trust for the benefit of the surviving spouse, while minimizing federal estate tax liabilities.

A Qualified Terminable Interest Property (QTIP) Trust, on the other hand, is another type of trust commonly used in estate planning. These trusts allow a grantor to provide financial support to their surviving spouse while ensuring that the remaining assets are distributed according to their wishes after the surviving spouse also passes away. QTIP Trusts can be particularly useful in situations where the grantor has children from a previous marriage and wants to provide for their current spouse while preserving assets for their children later.

Given that this legal template is specific to Florida, it is likely tailored to address the relevant state laws and regulations that govern the creation and administration of these trusts within the state.

Overall, this letter to the client serves to inform them that the attorney has prepared drafts of the revocable trusts, including provisions for Credit Shelter and QTIP Trusts, to assist them in achieving their estate planning goals within the context of Florida law.
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