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 ?
They found no significant differences between black and white women in terms of the Q-tips test results at rest or during a Kegel contraction or Valsalva maneuver.
We then took a stroll to the wooded areas with the benches for a sit and low-and-behold, all the un-grassed areas were all littered with butts, Q-Tips and the like as well.
And of course, she "cheats" (she must concoct some drama, after all, and giving up Q-Tips wasn't cutting it), breaking her no-shopping pledge for the most unromantic item imaginable.
There are a number of things to like about ``Prime,'' a modest offbeat comedy - Meryl Streep, Uma Thurman and Q-tips.
These are applied with felt and Q-tips in acrylic ink that maintains a sense of fluidity and captures the luminosity of the support.
Then, gently scrub the lashes with Q-Tips dipped in a solution of three drops of Johnson's Baby Shampoo in one-half cup warm water for at least 60 seconds per eye.
Air freshener (spray) * Baby wipes * Chap Stick * Deodorant * Female items * Kleenex * Lotion * Magazines, CDs * Mirrors * Q-tips * Shaving cream & Razors * Shampoo & Conditioner * Stationary & Pens * Sunscreen * Soap & Body wash * Toothpaste, toothbrushes, mouthwash, floss * Sweat pants & Matching shirts/T-shirts (Male & Female) * Socks (Male & Female) * Sports bra's (small, medium, & large) * Women's underwear * Boxers * Towels * Washcloths * Pillowcases * Twin bed sheets
Gigging extensively with his group the Q-Tips, he quickly gained a name for himself.
Wipe off the lights with a soft, lint-free rag, Q-tips, or your brush.
And an employee remembered the so-called kits consisted of nothing more than Q-tips, gauze pads and rubbing alcohol.
The only thing we ever burned was tissue paper, toilet paper, Q-Tips, maybe some plastic bags left over from groceries, milk cartons and other plastic stuff," she said.
The students didn't have live bugs to carry pollen from one plant to another, so they rubbed the anthers (ANN-thers) of the flower with q-tips to collect a bit of pollen, which they rubbed onto the pistils in the middle of other flowers.