terminable interest — An interest in property which terminates upon the death of the holder or upon the occurrence of some other specified event. The transfer of a terminable interest by one spouse to the other spouse may not qualify for the marital deduction … Black's law dictionary
terminable interest — For estate tax purposes, an interest which terminated on or before the death of the one whose estate is sought to be taxed. Goodman v Granger (CA3 Pa) 243 F2d 264, cert den 355 US 835, 2 L Ed 2d 47, 78 S Ct 57. As to failure of terminable… … Ballentine's law dictionary
terminable interest — noun an interest in property that terminates under specific conditions • Hypernyms: ↑interest, ↑stake … Useful english dictionary
nondeductible terminable interest rule — non·de·duc·ti·ble terminable interest rule /ˌnän di dək tə bəl / n: a rule in estate tax law: the value of a property interest that passes to a surviving spouse may not be deducted if it passes from the surviving spouse to another person for less … Law dictionary
qualified terminable interest property — see property Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
terminable — ter·mi·na·ble / tər mə nə bəl/ adj: capable of being terminated see also qualified terminable interest property at property; terminable interest at interest 1 Merriam … Law dictionary
interest — in·ter·est / in trəst; in tə rəst, ˌrest/ n [probably alteration of earlier interesse, from Anglo French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter between, among + esse to be] 1: a right, title, claim … Law dictionary
interest — The most general term that can be employed to denote a right, claim, title, or legal share in something. In its application to real estate or things real, it is frequently used in connection with the terms estate, right, and title. More… … Black's law dictionary
interest — The most general term that can be employed to denote a right, claim, title, or legal share in something. In its application to real estate or things real, it is frequently used in connection with the terms estate, right, and title. More… … Black's law dictionary
Qualified Terminable Interest Property (QTIP) Trust — A type of trust that enables 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. Income, and sometimes principal, generated from the trust… … Investment dictionary
