Qualified Terminable Interest Trust (Q-TIP)

A trust that qualifies for the unlimited marital tax exclusion. Therefore, there will be no estate tax on the value of the property transferred to your spouse in a Q-TIP trust on your death. Your spouse must receive all income at least annually. The Q-TIP enables your spouse to obtain income and other benefits, your estate avoids tax, and you can designate who will receive the property remaining in the trust on your spouse’s death.