Wills and Estates
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What is a Marital
deduction?
You acknowledge that LAWCHEK™ owns all rights, title, and interest, including and without limitation all intellectual property rights (as defined below), in and to the forms and information (including LAWCHEK™ website and brand features, including implied licenses, and excluding items licensed by LAWCHEK™ from third parties and excluding any third party property), and that you will not acquire any rights, title, or interest in or to the legal forms or information or copyrights, except as expressly set forth on the site in regard to using the legal forms for information gathering purposes. You will not modify, adapt, translate, prepare derivative works from, decompile, reverse engineer, disassemble or otherwise attempt to derive source copyright from any LAWCHEK™ services or documentation, or create or attempt to create a substitute or similar service or product through use of or access to this website or proprietary information related thereto. You will not remove, obscure, or alter the LAWCHEK™ copyright notice, brand features, or other proprietary rights notices affixed to or contained within any LAWCHEK™ services, software, or documentation (including without limitation the use of LAWCHEK™ brand features with online legal forms, web hosting services, website html codes, or LAWCHEK™ website copyrights, as applicable). "Intellectual Property Rights" means any and all rights existing from time-to-time under patent law, copyright law, semiconductor chip protection law, moral rights law, trade secret law, trademark law, unfair competition law, publicity rights law, privacy rights law, and any and all other proprietary rights, as well as, any and all applications, renewals, extensions, restorations, and re-instatements thereof, now or hereafter in force and effect worldwide.
This is not a substitute for legal advice. An attorney must be consulted. To find an attorney in your area, please CLICK HERE.
What is a Marital deduction?
One of the most important deductions in arriving at the taxable estate for federal estate tax is the marital deduction. This deduction allows a married couple to avoid federal estate tax altogether at the death of the first spouse by providing for an unlimited deduction for property passing to the surviving spouse. IRC Sec. 2056. Taking full advantage of this provision is not always advisable. Since each spouse has a $600,000 exemption equivalent from federal estate tax, it is oftentimes more prudent to do estate planning to maximize this exemption than to take the full marital deduction. When both spouses have a large estate, it can actually increase the overall tax liability to use the unlimited marital deduction. For couples with combined estates well below $600,000, the use of the unlimited marital deduction may work well. Assuming the estate of the surviving spouse does not grow to exceed $600,000, then all federal estate tax is avoided. See question on Federal Estate Taxes for an explanation of the $600,000 exemption.
This is not a substitute for legal
advice. An
attorney must be consulted.
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