QTIP trust

Definition of "QTIP trust"
  1. 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
How to use "QTIP trust" in a sentence
  1. After Nick's demise, his wife was able to live comfortably thanks to the QTIP trust he had setup.
  2. Estate taxes were not an immediate concern for Samantha as the QTIP trust her husband had set up allowed for deferral.
  3. 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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