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While the marital exemption and the portability rule has rendered AB trusts less useful, they can still help minimize estate taxes that are owed when assets are transferred.
The post Understanding Portability of the Estate Tax Exemption appeared first on SmartReads by SmartAsset. Estate planning could seem daunting, but it can also be made simpler by understanding key ...
The U.S. federal estate and gift tax marital deduction is only available if the surviving spouse is a U.S. citizen. For a surviving spouse who is not a U.S. citizen, a bequest through a Qualified Domestic Trust defers estate tax until the principal is distributed by the trustee, a U.S. citizen or corporation who also withholds the estate tax.
A marital life estate is, in the common law tradition of the United States and Great Britain, a life estate held by a living spouse (husband or wife) ...
The 2010 Act also provided portability to the credit, allowing a surviving spouse to use that portion of the pre-deceased spouse's credit that was not previously used (e.g. a husband died, used $3 million of his credit, and filed an estate tax return.
An AB trust is a legal arrangement for married couples that can minimize estate taxes by splitting assets between two separate trusts when one spouse dies. While a federal provision that went into ...
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