Definitions for "QTIP"
qualified terminable interest property. property in a decedent's estate that, even though the surviving spouse's interest is subject to certain restrictions, can still qualify for the estate tax marital deduction (also includes property given to a spouse during life that qualifies for the gift tax marital deduction)
Qualified Terminable Interest Property. A trust that delays estate taxes until your surviving spouse dies so more income will be available to provide for your spouse during his/her lifetime. You can also keep control over who will receive these assets after your spouse dies.
Qualified terminable interest property. Terminable interest property qualifies for the marital deduction if the spouse is given the right to all income - paid at least annually - for life, and no one has the right to appoint the property to a person other than the spouse during the spouse's life. The donor or executor must elect to qualify the property for the marital deduction.