A qualified domestic trust (QDOT) is a trust created for a surviving spouse who is a non-U.S. citizen to qualify for the marital deduction. It allows a non-U.S. citizen married to a U.S. citizen to be eligible for an unlimited marital...
trusts, inheritances & estates
qualified personal residence trust (QPRT)
Qualified personal residence trust (QPRT) refers to a type of trust used to minimize estate and gift taxes by moving personal residences into a trust. In a QPRT, the grantor irrevocably transfers a residence to the trust for a set amount of...
qualified terminable interest property (QTIP) trust
Qualified terminable interest trusts (QTIP trusts) are an estate planning tool used to maximize a couple’s applicable exclusion amounts while qualifying for the marital deduction. Full property interest transfers to spouses do not trigger...
quasi-community property
Quasi-community property is the property spouses acquired when they were not domiciled in a community property state. Community property states (i.e. Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin...
receivership
Receivership is a provisional remedy in which a court-appointed receiver oversees a party’s property while litigation is pending in order to preserve and protect the property.
In Netsphere, Inc. v. Baron, the United States...
remainder
A remainder is a future interest in real estate that is transferred to the transferee or remainderman under property law. The remainderman has the ability to possess the property at the natural end of a previous property formed by the same...
remainder (trust law)
In trust law, a remainder interest is the part of the trust property that remains after the specific devises are given to the intended beneficiaries.
remainder subject to a condition precedent
Remainder subject to a condition precedent is also known as a contingent remainder. It refers to future interest in property that will pass to a person or entity only if certain circumstances exist at the time of the title-holder's death or...
remainder subject to divestment
See: Defeasible Remainder
[Last updated in August of 2021 by the Wex Definitions Team]
remainder subject to open
In property law, a remainder subject to open is a remainder left: (1) in the interest of a class of persons; one or more of whom are alive; and (2) subject to diminution by another person joining the class of persons. One common example of a...