QTIP
Law & Legal abbreviation · Estate and Family Law
| Stands for | Qualified terminable interest property |
|---|---|
| Categories | Law & Legal |
QTIP stands for Qualified terminable interest property, an estate and family law abbreviation.
Property, usually held in a QTIP trust, that qualifies for the estate tax marital deduction even though the surviving spouse receives only a lifetime income interest, while the first spouse to die decides who receives the remainder. It is popular in second marriages and blended families.
Example: Her will creates a QTIP trust paying income to her husband for life, with the remainder to her children.
Usage notes
Authorized by Internal Revenue Code § 2056(b)(7). The executor must elect QTIP treatment on the estate tax return. The surviving spouse must receive all income at least annually, and the trust assets are included in that spouse's estate at death. Pronounced "Q-tip", like the cotton swab brand.
Related abbreviations
More estate and family law abbreviations
- POD – Payable on death
- PR – Personal representative
- PSA – Property settlement agreement
- QDOT – Qualified domestic trust
- QDRO – Qualified domestic relations order
- QPRT – Qualified personal residence trust
- RLT – Revocable living trust
- SAPCR – Suit affecting the parent-child relationship
- SLAT – Spousal lifetime access trust
- SNT – Special needs trust
- TIC – Tenants in common
- TOD – Transfer on death
See all 50 estate and family law abbreviations →
This entry is for general education and is not legal advice. Abbreviation use varies between institutions; always confirm in context.