Definitions for "Unlimited marital deduction"
This allows most married couples to leave everything to each other free of estate taxes when they die.
A federal gift and estate tax deduction allowed for transfers of property between spouses. Specifically, the marital deduction for both federal estate and gift taxes has no dollar or percentage limit as long as the donee (the spouse to whom the property is transferred) is a citizen of the U.S.
With the unlimited marital deduction, a husband or wife who dies is able to pass on an unlimited amount of assets to the surviving spouse without the need for the survivor to pay estate taxes. The unlimited marital deduction is also known as an estate tax break.
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