Qualified Terminable Interest Property (QTIP) is a type of trust that enables the grantor to support a surviving spouse while maintaining control over how the trust’s assets are distributed upon the death of the surviving spouse. This trust ensures that the surviving spouse is financially cared for during their lifetime and allows the grantor to determine how the remaining assets are allocated among beneficiaries after the surviving spouse’s passing. In essence, QTIP provides flexibility and control over the distribution of assets to protect both the surviving spouse and the grantor’s intended beneficiaries.
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