QTIP trust
Definition
An abbreviation for qualified terminable interest property trust. See qualified terminable interest property trust.
Illustrative caselaw
See, e.g. Wells Fargo Bank New Mexico, N.A. v. United States, 319 F.3d 1222 (10th Cir. 2003).
See also
Definition from Nolo’s Plain-English Law Dictionary
A type of trust for married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the trust property tax-free. Taxes are deferred until the surviving spouse dies and the trust property is received by the final trust beneficiaries, who were named by the first spouse to die.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:22 pm
