Financial

Widow's Exemption

1. The reduction of a taxable inheritance one receives because one is the widow or widower of the deceased. For example, if a woman passes away and leaves her husband all her assets, the widow's exemption is the amount to which the husband is entitled before he becomes liable to pay inheritance taxes.

2. More generally, any tax deduction given to a widow or widower.

References in periodicals archive

The decedent's exemption could shelter the exempt trust, and the widow's exemption could shelter the second trust at her death.

The courts and IRS assist planners who have million dollar GST problems

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