Qualified Terminal Interest Property Trust Law and Legal Definition
Qualified terminal interest property trust is a trust that let a surviving spouse to receive income generated from the trust, while the actual distribution of the trust's assets is made to other beneficiaries such as the grantor's children. Qualified terminal interest property trust allows the grantor to provide for a surviving spouse and also to maintain control of how the trust's assets are distributed once the surviving spouse has also died.
Legal Definition list
- Qualified Subsidiary (Internal Revenue Code)
- Qualified Student Loan Bond
- Qualified Stated Interest
- Qualified State Soybean Board
- Qualified State Sheep Board
- Qualified Terminal Interest Property Trust
- Qualified Timber Property [Internal Revenue]
- Qualified Transportation Fringe
- Qualified Tuition and Related Expenses
- Qualified Vessel [Internal Revenue]
- Qualified Veterans’ Mortgage Bond
