Unlimited marital deduction

Unlimited marital deduction

An Internal Revenue Service provision that allows an individual to transfer an unlimited amount of assets to a spouse, during life or at death, without incurring federal estate or gift tax.

Unlimited Marital Deduction

An exemption that allows spouses to transfer an unlimited amount of property between themselves without incurring the gift tax. Most gifts over a certain (large) amount are subject to the gift tax. In order to prevent this from negatively impacting spouses who have not joined all their property, the unlimited marital deduction exempts married couples from the tax entirely.
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Estate planning is the genesis of the Windsor case because the loss of the unlimited marital deduction precipitated the litigation.
citizen and cannot benefit from the unlimited marital deduction.
The Second Circuit recently affirmed a New York federal district court decision that allowed the surviving spouse of a same-sex couple to take an unlimited marital deduction when computing the deceased spouse's estate tax liability The Second Circuit agreed with the lower court that Section 3 of the Defense of Marriage Act (DOMA), P.
citizens rely heavily on the unlimited marital deduction available to such couples.
IRC section 2523 provides for an unlimited marital deduction for transfers between spouses.
Gift tax law also provides for an unlimited marital deduction for all outright gifts to a spouse.
The unlimited marital deduction allows them to transfer all of their assets to a spouse free of estate and gift taxes.
Where the benefits are includible in the employee's estate, federal estate taxes can be minimized or avoided through optimum use of the unlimited marital deduction.
The unlimited marital deduction (assuming your spouse is a U.
citizen, you can transfer an unlimited amount of property to him or her without paying estate taxes, because of the unlimited marital deduction available to all U.
An unlimited marital deduction lets your entire estate pass to a surviving spouse without incurring estate taxes.
District Court for the Southern District of New York ruled that the IRS's denial of an unlimited marital deduction under Sec.