marital deduction

marital deduction
marital deduction see deduction

Merriam-Webster’s Dictionary of Law. . 1996.

marital deduction
A deduction allowed by the federal estate tax laws for all property passed to a surviving spouse who is a U.S. citizen. This deduction (which really functions as an exemption) allows anyone, even a billionaire, to pass his or her entire estate to a surviving spouse without any estate tax at all.Under current federal law, this deduction is not available to same-sex couples even if they were validly married in a state that allows same-sex marriage.
Category: Wills, Trusts & Estates → Estate Tax

Nolo’s Plain-English Law Dictionary. . 2009.

marital deduction
n. An estate or gift tax deduction for the value of property that was assigned or has passed to the taxpayer's spouse.

Webster's New World Law Dictionary. . 2000.

marital deduction
   an estate tax deduction allowed a surviving spouse of half of the value of the estate of the deceased spouse. Thus, the minimum value of the estate before there is a possible federal estate tax rises from $600,000 (the level where estate tax begins to be calculated and charged) to $1,200,000 at the death of the first spouse to die. In trusts which a married couple creates, they can agree that on the death of the first to go, the amount of the property which is given to the survivor is limited to the amount which will not be subject to federal estate tax, thus delaying some or all estate tax until the death of the surviving spouse. Such trust provisions should be written only by an attorney and with consultation with an accountant or financial adviser.
   See also: community property, estate, tax, trust

Law dictionary. . 2013.

Look at other dictionaries:

  • Marital deduction — is a type of tax law that allows a person to give assets to his or her spouse with reduced or no tax imposed upon the transfer. Some marital deduction laws even apply to transfers made postmortem. Spouses can transfer property between themselves… …   Wikipedia

  • marital deduction — noun 1. : a deduction according to the provisions of the United States Internal Revenue Code from the taxable gross estate that amounts to the value of any property interest included therein and given by will, inheritance, survivorship or… …   Useful english dictionary

  • Marital Deduction — A tax deduction that allows an individual to transfer some assets to his or her spouse tax free, creating a reduction in taxable income. A marital deduction is mainly used for the purposes of estates and gifts. The Internal Revenue Service has… …   Investment dictionary

  • marital deduction — A tax deduction that allow spouses to transfer unlimited amounts of property to one another. Bloomberg Financial Dictionary …   Financial and business terms

  • marital deduction — A deduction in computing the taxable estate for federal estate tax purposes, limited to one half of the decedent s adjusted gross estate, of property passing to the surviving spouse. IRC § 2056(a) …   Ballentine's law dictionary

  • marital deduction trust — see trust Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • Unlimited Marital Deduction — A provision in United States Federal Estate and Gift Tax Law that allows an individual to transfer an unrestricted amount of assets to his or her spouse at any time, including at the death of the transferor, free from tax. The unlimited marital… …   Investment dictionary

  • 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 tax or gift tax. Bloomberg Financial Dictionary …   Financial and business terms

  • deduction — de·duc·tion n 1: an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also internal revenue code in the important laws section compare credit, ex …   Law dictionary

  • marital — /maeratal/maraytal/ Relating to, or connected with, the status of marriage; pertaining to a husband; incident to a husband @ marital agreements Contracts between parties who are either on the threshold of marriage or on the verge of separation,… …   Black's law dictionary

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