Qualified Terminable Interest Property (QTIP) Trust

A Qualified Terminable Interest Property (QTIP) Trust is an estate planning tool that allows a person to provide income or benefits to a surviving spouse while controlling the distribution of the remaining assets after their death. The QTIP trust ensures that the surviving spouse receives income from the trust during their lifetime, but when they pass away, the remaining assets go to predetermined beneficiaries, such as children or other heirs. This arrangement helps avoid disputes and allows for tax advantages, ensuring the deceased's wishes are respected and assets are protected for the future.