This part covers estate tax planning techniques, including the marital deduction
and the use of various types of trusts.
The interest of a donee spouse in a joint and survivor annuity in which only the donor and donee spouses have a right to receive payments during such spouses' joint lifetimes is treated as a "qualifying income interest for life" for which the marital deduction
is available unless the donor spouse irrevocably elects otherwise within the time allowed for filing a gift tax return.
According to the notice, to the extent that the applicable exclusion amount from estate or gift tax was applied to a transfer between spouses that did not qualify for the marital deduction
for federal estate or gift tax purposes at the time of the transfer solely because of DOMA, taxpayers will be permitted to establish that the transfer qualified for the marital deduction
and recover the applicable exclusion amount previously applied on a return because of the transfer, even if the statute of limitation for that return under Sec.
One of the first lines on a tax return is the Filing status, which can tell its whether our client qualifies for the estate taxes "unlimited marital deduction
The plaintiff argued that the trust settlor had created the trusts primarily for estate tax purposes--so that he could pass the property to his wife and take advantage of the marital deduction
, while ultimately leaving the property to his daughter.
On the estate tax return, the 100 percent interest was valued at $2,834,033, and a marital deduction
was claimed for 51 percent of such amount, or $1,445,357.
1) But if the debt which is secured by the policy is actually paid from estate assets, or if the spouse-beneficiary has a right of subrogation against the estate and the estate is solvent, the full amount of the proceeds will qualify for the marital deduction
despite the collateral assignment.
The principal deduction in this latter step has always been the marital deduction
Then transfer the balance of my estate ($500,000) to my wife [for which a marital deduction
will be claimed].
modification in 1976), the marital deduction
allowed these married
The federal estate tax also includes a marital deduction
for property passing to a surviving spouse.
MOST FINANCIAL PLANNERS ARE familiar with the unlimited marital deduction
between spouses under Internal Revenue Code Section 2056(a); however, some are not aware that this deduction is unavailable to spouses who are not United States citizens.