marital deduction for estate tax

• Divided Tax Court now allows estate tax marital deduction for QTIP property contingent on executor's QTIP election for estates of decedents dying before Mar. 2, 1994.

Qualified terminable interest property - Brief Article

• The Tax Adviser
• Vol. 27 Nbr. 5, May 1996

• Commissioner v. Estate of Hubert, 520 U.S. 93 (1997)

... by the estate's asserted entitlement to marital and charitable deductions. While the estate's rede...

• U.S. Supreme Court

• U.S. Tax Court Rules Woman's Estate Includes Marital Deduction

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.

• Lawyers USA
• June 02, 2009

• Joint ownership of property: two's company, but is three a crowd?

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.

• The National Public Accountant
• Vol. 39 Nbr. 1, January 1994

• A primer on trusts.

Includes glossary of estate and trust terms Trusts are an effective estate planning tool that can allow taxpayers to minimize state and federal estate taxes, prevent probate problems and ensure the property is transferred according to the taxpayers' wishes. There are many different trusts available for estate planning including those designed for a specific tax purpose. For example, marital deduction trusts take advantage of unlimited tax-free transfers to spouses. Trusts are generally excluded from the estate while taxpayers can sometimes retain some control.

• Journal of Accountancy
• Vol. 175 Nbr. 5, May 1993

• Significant recent developments in estate planning.

... wife's estate tax return, an estate tax marital deduction was allowed for the property passing to ...

• The Tax Adviser
• Vol. 42 Nbr. 10, October 2011

• Time to repeal? It's unclear whether estate tax will be repealed in 2010.

.... What deductions are available to reduce the estate tax? . * One of... deductions for married decedents is the marital deduction. All property that is included in the gr...

• California CPA
• Vol. 77 Nbr. 8, March 2009

• ESTATE OF ANNE W. MORGENS, DEC V. CIR, (9th Cir. 2012)

.... § 2001. However, the marital deduction is an exception to this rule, and any in...

• Federal Circuits

• Pay Me Now or Pay Me (More) Later: Common Mistakes in Ilits and How to Avoid Them

When used correctly, irrevocable life insurance trusts (ILIT) are amazing tools that can remove life insurance proceeds from a client's estate, protect the proceeds from beneficiaries' creditors, and govern the administration and distribution of the proceeds for the beneficiaries' benefit. Unfortunately, in creating an ILIT, a number of errors may occur, and the ILIT may fail to function as the client or the client's advisors intended. Several strategies are available to eliminate mistakes in old ILITs and avoid mistakes in new ones, resulting in superior planning for the client and increasing appropriate life insurance sales to these vehicles. Finding and resolving potential issues before they create significant tax or legal issues for a client will result in better outcomes for the cl...

... be involved, inclusion of a contingent marital deduction in the ILIT document will defer any esta...

• Life Insurance Selling
• Vol. 83 Nbr. 9, September 2008

• Federal Estate Tax Formula Legislative Proposal

..., intending to qualify for the estate tax marital deduction. For a person who died in 2009, such a f...

• Mondaq Business Briefing
• United States Law Articles in English