Q-TIP trust

Q-TIP trust
Refers to qualified terminal interest property trust. A type of marital deduction bequest in which the surviving spouse receives all of the income for life but is not given a general power of appointment. Property qualifies for marital deduction only to the extent that the executor so elects on the Federal estate tax return. I.R.C. No. 2056(bX7XBXi)(III). The Economic Recovery Tax Act of 1981 (ERTA) qualified the Q-TIP trust for the marital deduction

Black's law dictionary. . 1990.

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