Update on hot topics in D.C. Aug 31, 2006
If for a child only, then the annuity is not covered by marital deduction and may or may not be partially or fully includable in gross federal taxable estate. If the spouse is not a U.S. citizen, the marital deduction does not exist unless covered by a qualified domestic trust. (The Dolphin, CT)
If a dead tree falls, which property owner is liable? Jun 11, 2006
Although there is no marital deduction available for estate tax purposes for property passing outright from a U.S. citizen to a noncitizen spouse, a full marital deduction is allowed for property placed (either by will or by the surviving spouse after death) in a Qualified Domestic Trust for the benefit of that spouse ... It appears, then, that although the marital deduction for property given to your wife during your lifetime is limited for federal gift tax purposes to $120,000 annually (in... (Times Herald-Record, NY)
Smart Succession-Planning Strategies Mar 14, 2006
The use of an individual marital deduction, however, doesn't eliminate transfer taxation but simply defers it. With a charitable deduction, transfers to qualified charities are allowed as a deduction from the estate and gift tax transfer system. (Entrepreneur)
Taxes 2006: Estate Planning Feb 11, 2006
While the estate tax remains in effect (until it's repealed in 2010), most married couples will want to take advantage of both the estate-tax exemption and the unlimited marital deduction. This will reduce the federal estate tax to zero for the estate of the first spouse to die. (Forbes)
