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.
law dictionary, legal
dictionary, online law dictionary, legal terms dictionary,
online legal dictionary, legal definition, legal
terms and definition, Best online Dictionary, Law
Dictionary Software, Download Law Dictionary, law
dictionary, legal dictionary, online law dictionary,
legal terms dictionary, online legal dictionary,
legal definition, legal terms and definition, Best
online Dictionary, Law Dictionary Software, Download
Law Dictionary
