A Qualified Terminable Interest Property (QTIP) Trust is a
trust that enables the grantor to look after his or her current spouse and ensure
that the assets from the trust are then passed on to beneficiaries of the
grantor’s choice, such as children from a grantor’s previous marriage. In
addition to providing the living spouse with a source of funds, a QTIP Trust also
limits death and gift tax burdens on the surviving spouse. QTIP Trusts also prevent
assets from transferring to a surviving spouse’s new spouse, should they choose
to remarry.
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