Qualified domestic trust (QDOT): A trust for a spouse who is not a citizen of the United States. The trust lets an individual provide for his or her non-U.S. citizen spouse and defer the estate taxes that would otherwise be due. The non-U.S. citizen spouse has access to the trust income and principal (estate taxes are paid on principal distributions). A QDOT requires a U.S. citizen or domestic corporate trustee.

Qualified terminable interest property trust (QTIP): A special trust in which the surviving spouse is entitled to all income from assets during his or her lifetime but cannot alter the disposition of principal from the grantor's wishes. Upon the surviving spouse's death, assets pass to beneficiaries named by the grantor. QTIPs can be useful in second marriages where there are children from a previous marriage.

Quote: The highest bid and lowest ask price for a security at any given time. Bid is the highest price at which someone is willing to buy a security. Ask is the lowest price at which someone is willing to sell a security.