qualified terminable interest property trust (Q-TIP Trust)
Definition
Type of trust which (1) transfers assets to a spouse for his or her life only and (2) provides for distribution of assets to someone else after spouse's death. The first provision avoids estate and gift taxes, the second guards against the spouse remarrying unsuitably. See also qualified domestic interest trust (Q-Dot Trust).
qualified terminable interest property trust (Q-TIP Trust) is in the Corporate, Commercial, & General Law subject.
qualified terminable interest property trust (Q-TIP Trust) appears in the definition of the following term: qualified domestic interest trust (Q-Dot Trust)
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