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 ?
The Blueberry Abstract," made with Smirnoff Blueberry flavored vodka and lemonade, is linked to the partnership between Q-Tip and Cool & Dre.
Additionally, today mtvU announced that Annie Lennox, Q-Tip, Tom Delonge and Dave Kennedy of Angels & Airwaves, Talib Kweli, Motion City Soundtrack and Lupe Fiasco are among those confirmed to stand side-by-side with college students, presenting this year's "Woodies" performers and awards.
Lyrically, emcees Q-Tip and Phife Dawg addressed social issues relevant to young blacks such as use of the n word and its relevance, date rape and other interpersonal relationships, industry politics and consumerism with infectious energy and fun and having a good time while still promoting positivity.
While working on Volume 2, they were joined in the studio by such luminaries as D'Angelo, Busta Rhymes and A Tribe Called Quest's Q-Tip.
As ever from a band who worked with Noel Gallagher and Tim Burgess in the 90s, their choice of collaborators is impeccable, with Beck, St Vincent, Cate Le Bon and rapper Q-Tip making contributions here.
Use a Q-tip to run a bit of your neutral shadow along your lower lash line.
Rapper Q-Tip took on DJING duties for the hatloving star while the venue was decked out in images of the characters from the cartoon series.
The Great Gatsby" has four songs from its soundtrack that are being considered, namely Del Rey's song, "100$ Bill" (Jay-Z), "A Little Party Never Killed Nobody (All We Got)" (Fergie, Q-Tip, and GoonRock), "Over the Love" (Florence + the Machine), and "Together" (The xx).
With an advanced search engine, this reputable wholesaler also has everyday essentials for bath and personal care; deeply discounted name brands such as Gillette razors, Head and Shoulders shampoo and conditioner, as well as the Q-tip brand—all at wholesale prices.
I dipped one end of a Q-tip into some ferret scent (obtained at a store selling trapping gear and supplies), and placed it in the firewall compartment, where the fresh air intake for the ventilation/heating system is located.