For example, nontransferrable assets (e.g., qualified retirement plans or annuities) that would qualify for the marital deduction but for the surviving spouse
being a noncitizen may be treated as assigned to and part of the QDOT property if certain requirements are met.
Spouses can leave their assets to each other and use the exclusion remaining from the first spouse on the second estate, without needing to create testamentary trusts for the surviving spouse
. Assets do not have to be balanced between a husband and wife during their lifetimes, and there is no need to consider the tax implications of which spouse dies first or of simultaneous deaths.
2(a) as a surviving spouse
for two years after the year of the deceased spouse's death.
191, 15, allows a surviving spouse
to waive the provisions of a will and receive from the estate one-third of the personal and one-third of the real property if the deceased left issue.
The surviving spouse
shall continue to receive such retirement benefits until the surviving spouse
's death or remarriage.
A surviving spouse
can be eligible for their deceased partner's full Social Security benefit, but when he or she claims that benefit is a major factor in how large those monthly checks are.
A new IRA affords the spouse the opportunity to restart and "stretch out" the required minimum distributions to a later required beginning date (April 1 of the year following the year that the surviving spouse
attained the age of 701/2).
Under prior law, [section]732.2135 generally provided the surviving spouse
must file an elective share election on or before the earlier of 1) six months after service of the notice of administration on the spouse, attorney-in-fact, or guardian of property of the spouse, or 2) two years after the decedent's death.
Because a surviving spouse
has no DSUE from a deceased spouse to apply to the surviving spouse
's transfers until the portability election has been made by the deceased spouse's executor, a refund claim within the SOL by the surviving spouse
or the surviving spouse
's estate in anticipation of Form 706 being filed to elect portability pursuant to Rev.
NOLs are not deductible on the federal estate tax return, and the surviving spouse
cannot deduct the losses on future income tax returns.
Marcos had also been receiving P20,000 monthly from the Armed Forces of the Philippines (AFP) as a surviving spouse
of a Medal of Valor awardee.
The rules, however, are not straightforward and differ depending on whether the ISAs held by the deceased spouse were in cash or non-cash assets (typically stocks and shares): Cash ISAs | For cash ISAs, the equivalent value to the ISA accounts held by the deceased at the date of their death is available to be invested by the surviving spouse
, whether or not the account is left to them.