A woman's estate for federal tax purposes included the amount for which the estate of her predeceased husband claimed a marital deduction, the U.S. Tax Court has ruled. The woman's husband established a qualified terminal interest property (QTIP) trust for her benefit.
... by the estate's asserted entitlement to marital and charitable deductions. While the estate's rede... marital and charitable deductions by the amount of principal, but not the amount of income, used t...
...(a) In general. In determining the amount of taxable gifts for the calendar quarter (with re...This deduction is referred to as the marital deduction. In the ca...
An estate planner should carefully consider any situation in which a much younger spouse is involved, since children from a previous marriage can be seriously impacted by estate taxes due. If the surviving spouse and the deceased's children are roughly the same age, the typical technique of passing a remainder interest to the children may be inappropriate. If the goal is to equally divide the estate, a planner must consider the potential amount of federal estate taxes due after the marital deduction in order to achieve the proper result and minimize taxes.
The treatment of a three-way joint tenancy with right of survivorship (JTWROS) ownership of property is considered a very problematic area in estate planning due to its complexities. Generally, accountants working on such an arrangement need to address two key issues, namely, the degree of includability of the JTWROS in the decedent spouse's gross estate and the amount of the property which can avail of the Federal estate tax marital deduction. It is important for practitioners to have an adequate knowledge of rules governing this type of ownership arrangement so that these issues can be effectively dealt with.
... same principles being applicable as if the amount of a gift to the spouse were being determined. (b)...
... (1) Whether the estate is entitled to a deduction for certain section 20531 administration expenses ... of those expenses; and (2) whether the amount of the marital deduction should be reduced by Fede...
... gifts should be given as specific dollar amounts rather than specific numbers of membership units, ... manner as a federal estate tax formula marital deduction amount would be adjusted for a valuation...
... contains final regulations relating to the amount deductible from a decedent's gross estate for clai... update the provisions relating to the deduction for certain state death taxes to reflect the statu...Comments Relating to the Effect on the Marital and Charitable. Deductions. Some commentators requ...
...26 CFR 20.2053-1: Deductions for expenses, indebtedness, and taxes; in general.... contains final regulations relating to the amount deductible from a decedent's gross estate for clai...Comments Relating to the Effect on the Marital and Charitable Deductions. Some commentators reque...
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