Definitions for "Marital deduction"
Related Terms:
Unlimited marital deduction, Inheritance tax, A-b trust, Estate tax, Qualified terminable interest property, Credit shelter trust, Qtip, Qualified domestic trust, Estate taxes, Qtip trust, By-pass trust, Death taxes, Bypass trust, Ab trust, Inheritance taxes, Marital trust, Generation-skipping trust, Taxable estate, Qualified terminable interest property trust, Gift tax, Grantor trust, Potentially exempt transfer, Federal estate tax, Charitable deduction, Dynasty trust, Death tax, Disclaimer trust, Gross estate, Generation-skipping transfer tax, Irrevocable living trust, Charitable trust, Charitable bequest, Residual estate, Residuary estate, Remainder beneficiary, Direct skip, Residuary, Residuary beneficiary, Remainderman, Revocable trust, Bequest, Living trust, Testamentary trust, Retained life estate, Life beneficiary, Irrevocable trust, Applicable exclusion amount, Intestacy, Annual gift tax exclusion, Revocable living trust
A tax deduction that allow spouses to transfer unlimited amounts of property to one another.
tax provision that allows one spouse to transfer upon death an unlimited amount of property to his/her spouse without incurring estate or gift tax. see also deduction
A tax rule that allows assets to pass between spouses free from federal estate and gift taxes. If either spouse is not a U.S. citizen, however, different rules apply.
Under federal estate and gift tax law, there is an unlimited marital deduction. This means that a person can transfer any amount of assets to his or her spouse either while alive or via an estate without concern for gift or estate taxes. (In the case of a noncitizen spouse there is a "limited" marital deduction.)
For federal estate and gift tax purposes, a deduction for gifts and bequests to spouses that is unlimited in amount, except for certain terminable interests in property. (See also: gift tax marital deduction.)
The federal estate tax deduction (up to 100 percent of the estate) allowable for property passing to a surviving spouse.
The federal gift tax deduction (up to 100 percent of the gift) allowable for property given to a spouse. Mutual Wills: One or more wills signed in accordance with an enforceable agreement between the makers as to the disposition of their property.
A provision of the Federal Tax Code that provides an unlimited deduction from Federal Estate Taxes to qualified transfers of property between a husband and wife. This in effect can shift the estate tax burden to the last spouse's death. Also see estate planning .
Provision in the federal estate and gift tax law allowing all the assets of a marriage partner to pass to the surviving spouse free of estate taxes.
The amount of property, real and personal, left outright to the surviving spouse.
An estate or gift tax deduction for the amount of property that passes to a spouse.
a tax deduction which shelters from federal gift and estate tax most property transferred from one spouse to another, provided the spouse receiving the property is a U.S. citizen
In estate and gift taxation, the marital deduction is the amount of property one spouse can give to the other spouse outright or in a special trust without estate or gift taxation. Under current tax laws (2004) the marital deduction is unlimited; therefore 100 percent of property, whether community or separate, passed to a surviving spouse is considered a marital deduction in computing the transfer taxes.
The unlimited amount of money and property you can transfer to your spouse tax-free.
A deduction allowed by the federal estate tax law for all property passed to a surviving spouse who is a U.S. citizen. This deduction (which really acts like an exemption) allows anyone to pass his or her entire estate to a surviving spouse without any tax at all. This may be a good idea if the surviving spouse is relatively young and in good health. If the surviving spouse is likely to die in the near future, however, tax problems can be made worse by relying on the marital exemption. This is because the second spouse to die will normally benefit from no marital deduction, which means the combined estate, less the standard estate tax exemption, will be taxed at a high rate. Well drafted estate planning documents can minimize the tax.
The portion of a deceased spouse's estate that may be passed to the surviving spouse without becoming subject to the federal estate tax.
This is an estate and gift tax deduction which is available for transfers between spouses, either during lifetime or at death; under federal law there is a complete inter-spousal exemption from transfer tax for qualifying transfers.
An unlimited deduction against the estate tax and gift tax for transfers made outright or in qualifying trusts to the spouse of the transferor.
Where you and your spouse are legally married, either of you can transfer an unlimited amount of assets to the other without incurring any gift or estate tax cost. This is too often used as a simplistic approach to eliminate the entire estate tax on the death of the first of you or your wife.
According to federal law, the amount of assets that an individual can transfer tax-free to a surviving spouse through his or her will without estate taxes having to be paid on those assets. Currently, the marital deduction is unlimited.
A provision under the federal tax law by which a qualified estate of an unlimited amount may be transferred to a spouse, exempt from tax.
A deduction for federal estate tax purposes from the gross estate of property passing to a surviving spouse in a manner conforming to the law; no limitation in amount.
Assets given to a spouse at death are exempt from estate taxes. Thus, if Bill Gates dies leaving a $10 Billion estate, but leaves $10 Billion to his wife, the estate receives a deduction for that amount and no tax would be due.
The right to give an unlimited amount of property to one's spouse during lifetime and at death without any gift or estate tax liability under state or federal law.
A deduction allowed under certain conditions for federal estate tax purposes for property left to a surviving spouse.
A deduction on the federal estate tax return that lets the first spouse to die leave an unlimited amount of assets to the surviving spouse free of estate taxes. However, if no other tax planning is used, and the surviving spouseâ€(tm)s estate is more than the amount of the federal estate tax exemption in effect at the time of his/her death, estate taxes will be due at that time.
A deduction allowed on the Federal Estate Tax Return (form 706) for property passing in a qualifying manner to a surviving spouse. Prior to 1981, there was a maximum limit of marital deduction which could be taken. This maximum was the greater of one-half of the decedent's separate property, or $250,000. From 1982 , an unlimited marital deduction has been allowed for any qualifying property (essentially property which provided the surviving spouse with an effective ownership interest in the asset). ( For an exception, see Qualified Terminable Interest Property.)
A reduction of an estate for estate tax purposes, which is available if the deceased is survived by his or her spouse.
For estate tax and gift tax purposes, a deduction that allows you to transfer assets to your spouse tax-free.
The right of a surviving spouse to receive all of the marital property free from federal estate taxes via a 100% marital deduction.
The portion of a decedent's estate that may be given to the surviving wife or husband without its becoming subject to the federal estate tax levied against the decedent's estate. Currently, the deduction is unlimited in amount. Also applies to lifetime gifts to a spouse that are not subject to federal gift tax. See Qualified Domestic Trust.
an estate or gift tax deduction allowed for property transferred to a living spouse
A deduction allowing for the unlimited transfer of any or all property from one spouse to the other generally free of estate and gift tax.
A provision of the tax codes that allows all assets of a deceased spouse to pass to the surviving spouse free of estate taxes. This provision is also referred to as the unlimited marital deduction.
The deduction allowed for gift tax and estate tax purposes for qualifying property transferred to the spouse.
A provision in both the federal gift tax and the federal estate tax that permits an individual to give or leave an unlimited amount of property to his or her spouse, tax free.
The deduction allowed for all amounts passing on death or by gift from one spouse to another.
An unlimited amount that can be taken as a deduction against the federal gift and estate tax for transfers to the donor's spouse.
The deduction against gross estate value accorded by the Internal Revenue Code for transfers by gift or upon death to one's spouse. Under current law the marital deduction is unlimited, e.g. there is no estate or gift tax on qualifying transfers of any amount to a U.S. citizen spouse. (See QDOT below with respect to non-U.S. citizen spouses.)
A deduction that allows up to 100% of a deceased spouse's estate to be passed to the surviving spouse without being subject to federal estate tax.
The deduction allowed by the Internal Revenue Code for estate and gift tax purposes for transfers made to a spouse. There is now an unlimited federal and New York marital deduction. (This is not true for all states, however.) The deduction is not available for spouses who are not United States citizens unless certain requirements are met.
A provision of federal estate tax law that, in the event of a spouse's death, allows the transfer of an unlimited amount of assets to the surviving spouse without incurring estate tax.
Allows married persons to make lifetime gifts to each other and claim a marital deduction for any amount without a gift tax.
There is no monetary ceiling on the estate marital deduction.
Provision that allows for unlimited asset transfers from one spouse to another without having to pay any gift or estate taxes.
A transfer to the surviving spouse at the death of the first spouse. The Federal estate marital deduction is unlimited.
A federal tax deduction allowed for property passed to a surviving spouse who is a U.S. citizen. It functions as a way of passing an individual's estate to a surviving spouse without any tax consequences.
The amount you may give your spouse free of gift or estate taxes; this amount is currently unlimited for US citizens.
A deduction allowed by the federal estate tax laws for all property passed to a surviving spouse who is a U.S. citizen. This deduction (which really functions as an exemption) allows anyone, even a billionaire, to pass his or her entire estate to a surviving spouse without any tax at all.
A federal tax deduction that allows one spouse to pass his or her Estate to the other spouse without having to pay estate or gift taxes.
A tax reduction that is mainly used for the purposes of estate and gifts. It allows an individual to transfer some assets to his or her spouse tax-free, thus creating a deduction in taxable income.
Tax free amount transferable to a spouse, which, under current law, is unlimited.
Transfers of property between spouses that are not subject to tax.
The deduction that allows any amount of property to go from one spouse to the other — via lifetime gifts or bequests — free of federal gift or estate taxes.
Marital deduction is a type of tax law that allows a person to give assets to his or her spouse with reduced or no tax imposed upon the transfer. Some marital deduction laws even apply to transfers made postmortem. For U.S. estate and gift tax purposes, there is no tax on transfers between spouses, whether during lifetime or at death.
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