A contingent beneficiary is an individual or entity entitled to receive the proceeds or benefits of a trust or estate only when a specified event occurs, such as the death of a named beneficiary.
A QTIP trust allows a grantor to provide income for their surviving spouse and designate other beneficiaries for the remaining trust assets after the surviving spouse's death.
Quick-succession relief is designed to prevent the severe double taxation of inheritance tax on the same property within a short timeline — specifically when two related individuals pass away within five years of each other.
