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A trust created during life or upon death by one spouse for the benefit of the other spouse. The trust must require that all net income be paid to the other spouse, and that any principal invasions may only be for the benefit of the other spouse. The spouse creating the trust may designate the remainder beneficiaries. This planning technique became available under ERTA.

Synonyms: QTIP, QTIPs, qualified terminable interest trusts
Synonyms list (a comma-separated list)
QTIP, QTIPs, qualified terminable interest trusts