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Simple English definitions for legal terms

qualified-terminable-interest property

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A quick definition of qualified-terminable-interest property:

A qualified-terminable-interest property is a type of property that is subject to certain conditions and limitations. It is a property interest that is given to someone for a specific period of time or until certain conditions are met. This type of property is often used in estate planning to provide for a surviving spouse while also ensuring that the property eventually goes to other beneficiaries. Essentially, it is a way to control how property is distributed after someone passes away.

A more thorough explanation:

Qualified-terminable-interest property refers to a type of property that allows the owner to transfer it to their spouse after their death, while also specifying who will inherit the property after the spouse's death. This type of property is often used in estate planning to ensure that the owner's assets are distributed according to their wishes.

For example, if a person owns a vacation home and wants to ensure that their spouse can continue to use it after their death, they may designate it as qualified-terminable-interest property. This would allow the spouse to use the property during their lifetime, but also specify who will inherit the property after the spouse's death.

This type of property can be useful in situations where the owner wants to provide for their spouse but also wants to ensure that their children or other heirs receive the property after the spouse's death.

qualified stock option | qualified veto

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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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