With a QTIP election, all or a portion of the
assets that qualify for treatment as qualified
terminable interest property (QTIP) pass free from
estate tax under the unlimited marital deduction.
The election of the tax year (either fiscal or
calendar) for an estate allows the personal
representative to divide income into as many taxable
years as possible, prevent bunching of income in the
first taxable year, or otherwise adopt the taxable
year that results in minimizing the tax costs as much
Business owners have additional post-mortem
elections available to them.