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Merriam -Webster, Incorporated. There are requirements for a valid QTIP election. First, a QTIP trust requires that the surviving spouse have an interest in the income of a trust for life. A bypass trust (also referred to as a credit shelter trust or a tax qualified terminable interest property (“ QTIP ”) trust , or marital deduction trust). The use of a lifetime QTIP strategy offers a variety of tax advantages for married couples, including tax-free gifting between spouses; for a married . QTIP trust gives the surviving spouse more control over the ultimate disposition of.

By appointing a qualified trustee, you . A trust that enables a family to delay paying estate taxes on assets that are bequeathed to a spouse. A QTIP , or Qualified Terminable Interest Property trust , is authorized by language in Internal Revenue Code Sections 2056(b)(7) and 2523(f). A QTIP trust permits a widow or widower to receive income . QTIP stands for Qualified Terminable Interest Property.

Using a QTIP trust allows one spouse to provide for a less wealthy spouse while:.