QTIP trust
- Qualified terminable interest property trust: a trust that enables a surviving spouse to use trust property tax-free and defer estate taxes until their demise, when the assets are received by the selected beneficiaries
- After Nick's demise, his wife was able to live comfortably thanks to the QTIP trust he had setup.
- Estate taxes were not an immediate concern for Samantha as the QTIP trust her husband had set up allowed for deferral.
- The Smiths set up a QTIP trust to ensure financial security for the surviving spouse and planned distribution for their heirs.
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