Marital trust

(redirected from Marital Trusts)

Marital trust

A trust created to allow one spouse to transfer, during life or upon death, an unlimited amount of property to his/her spouse without incurring gift or estate tax.

Marital Trust

A trust into which one spouse deposits assets that transfer to the other spouse at some point in the future or upon the first spouse's death. A marital trust exists in order to avoid paying the estate tax. See also: Unlimited marital deduction.
References in periodicals archive ?
Marital trusts have declined, to 23 percent from 30 percent in 2008, as have charitable trusts, to 25 percent from 32 percent.
1994-576, involve distributions from general power of appointment marital trusts.
Estate of Olsen (6) teaches a valuable lesson about properly funding marital trusts so that the amount required to be included in the surviving spouse's estate under Sec.
because of fees for the preparation of accountings and income tax returns for the by-pass and marital trusts, etc.
McGinley Marital Trusts and affiliated family members (the "McGinley Trusts") announced on July 21, 2003.
With regard to returns for the sub-trusts, such as the survivor's, by-pass and marital trusts, the IRS wanted these returns filed based on facts and not on a "deemed" funding date.
Corporate and personal trust services include: asset protection trusts, q-tip trusts, irrevocable and revocable personal trusts, credit shelter trusts, incentive trusts, marital trusts, residuary trusts, generation skipping transfer trusts, estate settlement trusts, dynasty trusts, irrevocable life insurance trusts, and private annuity trusts.
Bank did not have that duty because 1) the trust instrument permitted the formation of an FLP, but it was not mandatory; 2) tax minimization was not the main purpose of the marital trusts; 3) it is rare for a marital trust to invest in an FLP; 4) there was no existing family business; 5) the attorney for the family did not request creation of an FLP; and 6) an FLP would not have been in accord with Janice's personal objectives, as evidenced by her rejection of less complex and less risky estate planning techniques suggested by her estate planning attorney, her desire to keep her financial information private from her family, and her concern over whether she had enough money to maintain her lifestyle.
The decedent's estate discounted the assets of the marital trusts created by her previously deceased spouse and included in her estate 29% (approximately $14.
A third option is to make the trust instrument provide that the survivor's trust be funded with the entire interest in the entity owning the practice, and a distribution of additional property may be made to the bypass or marital trusts to "equalize" the distribution of the entity to the survivor's trust.
McGinley Marital Trusts and affiliated family members (the "McGinley Trusts") which, when completed, will result in the redemption of its Class B stock and the elimination of the Company's dual class structure.
The will of the decedent's spouse placed the residue of her estate into two marital trusts that provided the decedent with a lifetime income interest in both.