Qualified terminable interest property trust (Q-TIP Trust),

Definition of Qualified terminable interest property trust (Q-TIP Trust):

1. Type of trust which (1) transfers assets to a spouse for his or her life only and (2) provides for distribution of assets to someone else after spouses death. The first provision avoids estate and gift taxes, the second guards against the spouse remarrying unsuitably. See also qualified domestic interest trust (Q-Dot Trust).