QUALIFIED DOMESTIC (QDOT) TRUST

A type of trust that is designed to delay the federal estate tax on an estate transfer from a U.S. citizen to a spouse that is a resident alien.

QUALIFIED PENSION PLAN

A category of retirement plans that is qualified by the IRS as a tax deduction for the employer. Qualified pension plans can be either a defined contribution plans or a defined benefit plans. The most common types are as follows:

• 401(k),
• 403(b),
• KEOGH Plan (HR-10), and
• Simplified Employee Pension (SEP).

QUALIFICATION PERIOD

The period of time in a disability income policy with residual benefit option that the insured must be totally disabled before becoming eligible for residual benefits.

QUALIFYING TERMINABLE INTEREST PROPERTY (QTIP) TRUST

A type of trust that allows assets to be transferred between spouses. Income from the trust's assets is paid to the grantor's spouse for his or her lifetime, however upon death of the spouse the grantor may distribute the assets.

 

 

 

 

 

 

 

 

 

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