Marital deduction
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Marital deduction how can something so routine have so many problems? : Tuesday, August 8, 1995, Chicago, Illinois

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Published by American Bar Association, Section of Real Property, Probate, and Trust Law in Chicago, Ill .
Written in English



  • United States.


  • Marital deduction -- Law and legislation -- United States.,
  • Inheritance and transfer tax -- Deductions -- Law and legislation -- United States.

Book details:

Edition Notes

Statementprogram co-chairs, Christine L. Albright, Edward F. Koren.
ContributionsAlbright, Christine., Koren, Edward F., 1946-, American Bar Association. Section of Real Property, Probate, and Trust Law.
LC ClassificationsKF6590.Z9 M368 1995
The Physical Object
Pagination1 v. (various pagings) ;
ID Numbers
Open LibraryOL539637M
LC Control Number96118524

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Marital Deduction Definition. A marital deduction is a deduction reducing the value of what is taxable for gift and estate tax allows an individual to transfer some assets to his or her spouse estate and gift tax free. The IRS allows an individual to leave any amount of assets to . The marital deduction is straightforward. The estate executor totals the value of all assets owned by the deceased to arrive at the gross estate. From this is subtracted the value of all property left to the surviving spouse. The marital deduction and the charitable contribution deduction are the major deductions in determining the taxable estate. You need this Special Report if: You are doing an estate plan in which retirement benefits will be left to a noncitizen surviving spouse, you want the benefits to qualify for the federal estate tax marital deduction, and you don’t own a copy of the 5th edition () of the author’s book Life and Death Planning for Retirement Benefits. If the marital deduction property has a mortgage or other encumbrance, you may take only the net value of the property after you deduct that mortgage. About the Book Author Margaret Atkins Munro, EA, has more than 30 years' experience in trusts, estates, family tax, and small businesses.

Most marriage-oriented trusts postpone payment of estate taxes until both spouses in a marriage have died. A marital deduction trust allows you to put property in trust with your spouse as the beneficiary. Upon your death, your spouse has the right to use the property in . Print book: CD for computer: Document Computer File: English: 1st edView all editions and formats: Rating: (not yet rated) 0 with reviews - Be the first. Subjects: Marital deduction -- Law and legislation -- United States. Inheritance and transfer tax -- Deductions -- Law and legislation -- United States. Trusts and trustees -- United States. Additional Physical Format: Online version: Lewis, James B. Marital deduction. New York: Practising Law Institute, (OCoLC) Document Type. marital deduction. n. when one spouse dies, the survivor may take a tax deduction of half of the value of the estate of the dying spouse. Thus, the minimum value of the estate before there is a possible federal estate tax rises from $, to $1,, at the death of the first spouse to die.

Marital deduction and credit shelter dispositions and the use of formula provisions [Covey, Richard B] on *FREE* shipping on qualifying offers. Marital deduction and credit shelter dispositions and the use of formula provisionsAuthor: Richard B Covey. In Notice , the IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act (DOMA) in Windsor, S. Ct. ().. DOMA, which was enacted in , defined marriage for federal law purposes as the legal union of . • Drafting the marital deduction trust in multiple marital situations. • The tax consequences of a QTIP trust investing in a family limited partnership/family limited liability company, and whether a trustee has a duty to invest in such an entity in order to minimize transfer taxes upon the death of the surviving spouse. (a) In general. A deduction is allowed under section from the gross estate of a decedent for the value of any property interest which passes from the decedent to the decedent's surviving spouse if the interest is a deductible interest as defined in § (a)With respect to decedents dying in certain years, a deduction is allowed under section only to the extent that the total.