qualified terminable interest property
- A specific type of property that is passed on to a surviving spouse and is eligible for a marital deduction in certain cases. This can occur if the executor chooses to do so, and it requires that the spouse receives an annual income payment for the rest of their life. Additionally, it stipulates that no one can allocate any portion of the property to anyone other than the surviving spouse
- The will included a qualified terminable interest property provision enabling the wife to have a sustainable income while ensuring the property remains within the family after her death.
- The attorney advised considering a qualified terminable interest property designation in their estate planning to secure the spouse financially.
- They had to handle the qualified terminable interest property carefully in order to guarantee the widow received her annual income and to maintain the integrity of the estate.