The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

QUALIFIED TERMINABLE INTEREST PROPERTY TRUST (Q-TIP TRUST) Definition & Legal Meaning

Definition & Citations:

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.

Disclaimer

This article contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.