The most important requirement of a QTIP trust is that the surviving spouse be entitled to receive all the income from the trust for life, payable at least annually. Income interests granted for a term of years, or life estates subject to termination upon remarriage, or the occurrence of a specified event (other than the surviving spouse's death), will not qualify.

A second requirement is that no person (including the surviving spouse) can have any power to appoint the property to any third person during the surviving spouse's lifetime. That is, the trust is truly irrevocable.

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