terminable interest

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Noun1.terminable interest - an interest in property that terminates under specific conditions
stake, interest - (law) a right or legal share of something; a financial involvement with something; "they have interests all over the world"; "a stake in the company's future"
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As another option, a Qualified Terminable Interest Property trust can enable a grantor to provide for a surviving spouse and maintain control of how the assets of the trust are distributed once the surviving spouse has also died.
Schedule R: Reverse Qualified Terminable Interest Property (QTIP) elections
A decedent's estate tax liability is based on the decedent's taxable estate, which is the gross estate minus various deductions, which include a deduction for any debts of the estate and a marital deduction for which a valid qualified terminable interest property (QTIP) election is made.
2056(b)(7) to treat the property transferred to the residual trust as qualified terminable interest property (the QTIP election), thus qualifying the property for the marital deduction.
In some states, the qualified terminable interest property trust, which is available under federal law, is also available under state law.
Probably the most severe consequence of the Illinois estate tax decoupling from the federal estate tax is the unavailability of the marital deduction for transfers to a qualified terminable interest property trust ("QTIP") for Illinois estate tax purposes only.
If you're concerned about estate taxes, it may be worthwhile to investigate sophisticated techniques designed to lessen their blow, such as the qualified terminable interest property (QTIP) trust.
spouse through use of a Qualified Terminable Interest in Property (QTIP)
citizen at the time of the gift, if the gift was a terminable interest, such as a life or income interest in a trust, or if the gift was a future interest [7].
A qualified terminable interest property (QTIP) trust may be named as a beneficiary when time grantor wants to control the ultimate beneficiary of the retirement benefits.
Its four main chapters cover: tax-related drafting, including terminable interest, survivorship conditions, and a variety of trusts; drafting depositive provisions, including wills and trusts; creating revocable trusts; and, drafting fiduciary provisions, including information on providing additional powers to the trustee.
19) Qualified terminable interest property (QTIP) by definition qualifies for the marital deduction under this section.