Qualified terminable interest property

Definition
: property passing to a surviving spouse that qualifies for the marital deduction if the executor so elects providing that the spouse is entitled to receive income in payments made at least annually for life and that no one has a power to appoint any part of the property to any person other than the surviving spouse
see also QTIP trust at trust
Under federal tax law the property must be included in the gross estate of the surviving spouse at his or her own death, where it is subject to taxation.

Based on Merriam-Webster's Dictionary of Law ©2001.
Merriam-Webster, Incorporated
Published under license with Merriam-Webster, Incorporated.
http://www.m-w.com

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