A QTIP Trust is a trust by which you give your spouse income for life and as much or as little principal as you desire. A QTIP Trust also allows you (not your spouse) to determine who will receive the property in the trust after your spouse's death -- your children or grandchildren, for instance. The QTIP Trust is asset protected. This means the trust protects the assets of the trust from the claims of creditors, including a new marriage and from lawsuits. A claim might also be catastrophic health care expenses. The QTIP Trust is your way to give money to a spouse but control the money (and protect it) while your spouse is alive or after her death. A QTIP Trust can be established for your spouse at your death or it may be established during your lifetime. A "lifetime QTIP Trust" is a way to create a taxable estate for your spouse, yet YOU retain control over the assets of the trust. The QTIP trust is usually used in conjunction with a Family Trust. Caution: Most asset protection planning is irrevocable. For this reason, we believe it should be entered into only in connection with overall estate planning.