terminable interest

terminable interest definition - legal

n

An interest in property that will end upon the passage of time, the occurrence of an event, or the failure of an event to occur. It applies to a class of property that usually does not qualify for a marital deduction under the federal estate and gift tax regulations.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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