QUALIFIED TERMINABLE INTEREST PROPERTY TRUST (Q-TIP TRUST)

A trust in which the assets are able to be transferred to a spouse for the length of their life. The assets can also not be transferred to another person after the death of the living spouse. It is designed to limit the amount of death taxes and gift taxes and in case the recently widowed spouse marries again to an unsuitable partner so gthey don’t benefit from the previous spouse.

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