Qualified Terminable Interest Property Trust

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Qualified Terminable Interest Property Trust (Q-TIP)

A trust that allows a surviving spouse to receive income generated from the trust, while the actual distribution of the trust's assets is made to other beneficiaries such as the grantor's children.

Qualified Terminable Interest Property Trust

A trust into which the trustor deposits funds and other assets to provide for a surviving spouse while also maintaining control of what happens to those assets after the surviving spouse dies. In a Q-TIP, the trustor names his/her surviving spouse as beneficiary and provides that income and/or principal from the trust shall pass to that spouse upon the trustor's death. However, when the surviving spouse also dies, what remains in the trust is distributed to heirs as if it had been a part of the trustor's estate. A Q-TIP is a common trust when a person has children from a previous marriage; that Q-TIP provides for the surviving spouse but later is transferred to children from one's first marriage to ensure that the estate takes care of them as well.
References in periodicals archive ?
To treat our own warts, we simply taped a Q-tip to a measuring stick with masking tape and held it in the liquid nitrogen 'til the liquid stopped fast boiling.
NASDAQ: TTWO), today announced that NBA[R] 2K8 will feature original and exclusive tracks from the late legendary producer J Dilla (aka Jay Dee) with Common, Q-Tip, Talib Kweli and Madlib providing vocals.
When I did the Q-Tip track I thought the drums were so cool and different," she explains.
arie, Black Thought of The Roots, John Legend, Chali 2na of Jurassic 5, Jill Scott, and Q-Tip, among others.
Q-TIP CUTIE One end's for smudging, while the other--dipped in makeup remover--erases any errors.
ITV's line-up on Saturday was a disaster -- Hit Me Baby One More Time nonentities or Leilani Dowding hitting Annabel Croft with a giant Q-Tip on Celebrity Wrestling.
Galvanize features rapper Q-tip and is due for release in January 17 and that's closely followed by album Push The Button on January 25.
So it was the Bruins' three seniors lived to play another game, advancing by a margin as thin as Bailey's fingernail on a night when Henderson was a Q-tip in the eye of the hurricane, somehow surviving the storm.
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Rim lids, smudge with a Q-tip and swipe on mascara.
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