QTIP (Qualified Terminable Interest Property Trust) or A/B/C/ Living Trust

Qualified Terminable Interest Property Trust (“Firewalls for Couples”) is a marital-deduction trust in which the surviving spouse receives income from the trust’s assets for life but the trust’s principal is left to someone else, usually children. A QTIP trust controls the eventual beneficiaries while at the same time taking advantage of the marital deduction and providing an income for the surviving spouse.