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QTIP Trusts, or Qualified Terminable Interest Property (QTIP) trust gives your surviving spouse a life income while you are able to choose who will receive property in the trust after your spouse's death. Your spouse may have to pay estate tax on QTIP trust assets but the assets themselves must be distributed as you have directed in your trust agreement.
Wealth Management at Hudson Valley Credit Union and LPL Financial do not provide tax or legal advice or services. Please consult your tax or legal advisor regarding your specific situation.